Berkadia senior managing director Charles Foschini, who recently left CBRE, sees opportunities and the new sources of capital he anticipates coming online. He tells GlobeSt.com he anticipates a brisk pace of activity over the next several months.

“While interest rates are climbing, they are still well below historical averages, so buyers who have been sitting on the sidelines may enter the market now, before rates go even higher,” Foschini says. “It's also a good time to refinance or convert bridge loans to permanent loans. And debt, while important, is only one part of the equation; Florida's fundamentals continue to be positive.”

As Foschini sees it, strong demand as a result of above-average job and population growth, coupled with limited new supply, is driving rents up in all asset classes—above the peak of last cycle in some cases. He reports real estate operators we work with are excited about the prospect of strong performance over the next 24 months.

MIAMI—The Holiday Inn Miami Beach Oceanfront has won the confidence of the CMBS market.

Meridian Capital Group arranged $26 million in CMBS financing to refinance the Miami Beach hotel. The 10-year CMBS loan features full-term interest-only payments. Meridian managing directors, Jacob Schmuckler and Steve Adler, who are both based in the company's New York City headquarters, arranged the transaction.

“The Holiday Inn's central location and various on-site and community amenities attract both tourists and business travelers,” says Schmuckler. “The sponsor has owned the hotel for over 20 years, along with several nearby properties. Their strong performance record, as well as the property's recent renovations, demonstrated promising upside potential to the lender and Meridian was able to negotiate favorable terms.”

Located at 4333 Collins Avenue in Miami Beach, the Holiday Inn Miami Beach Oceanfront is an eight-story hotel with 253 rooms. The hotel was completely renovated in 2009 and transformed into a contemporary-style property, including a pool area with a Tiki bar and manicured garden areas with hammocks.

Berkadia senior managing director Charles Foschini, who recently left CBRE, sees opportunities and the new sources of capital he anticipates coming online. He tells GlobeSt.com he anticipates a brisk pace of activity over the next several months.

“While interest rates are climbing, they are still well below historical averages, so buyers who have been sitting on the sidelines may enter the market now, before rates go even higher,” Foschini says. “It's also a good time to refinance or convert bridge loans to permanent loans. And debt, while important, is only one part of the equation; Florida's fundamentals continue to be positive.”

As Foschini sees it, strong demand as a result of above-average job and population growth, coupled with limited new supply, is driving rents up in all asset classes—above the peak of last cycle in some cases. He reports real estate operators we work with are excited about the prospect of strong performance over the next 24 months.