Terra, AB Asset Plan 174-Unit Apartment Building in Coconut Grove therealdeal.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from therealdeal.com Daily Mail and Mail on Sunday newspapers.
Harbor Group International Finances Miami Hotel-to-Multifamily Conversion prnewswire.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from prnewswire.com Daily Mail and Mail on Sunday newspapers.
Hersha Hospitality Trust sold a Marriott-branded hotel in Coconut Grove for $31 million,
The Real Deal has learned.
The Philadelphia-based hotel real estate investment trust sold the three-building, 140-unit Residence Inn by Marriott to AB Asset Management, led by Getzy Fellig and Sam Zalmanov. The Miami Beach-based buyer plans to upgrade the property at 2835 Tigertail Avenue in Miami and convert it to multifamily, Fellig and Zalmanov said.
AB Asset Management financed the deal with a $27.5 million bridge loan from Harbor Group International, arranged by FM Capital’s Joe Back.
The hotel sold for about $221,000 per unit.
Avison Young’s John K. Crotty, Michael T. Fay, David Duckworth, Brian C. de la Fé, Emily Brais and Berkley Bloodworth represented the seller.