Some South Florida hotels managed to keep occupancy high over the past year, but experienced other hurdles: Lenders’ scant appetite for hospitality during the pandemic left owners with few options for refinancing.
The Grand Hotel Fort Lauderdale fell into this conundrum. It just scored the refinancing needed to resolve a lender’s foreclosure lawsuit that was filed after the hotel missed its mortgage principal payment due date in February.
Sheridan Capital, a subsidiary of FM Capital, issued the refinancing. Aaron Kurlansky and Joe Back of Sheridan structured the loan.
The previous lender, Universel Hotel, had sued the 196-key Grand for $10.1 million, which breaks down to $9.5 million in principal; $33,646 in past due interest; and $540,575 in default interest, according to the complaint. Universel filed for foreclosure in June in Broward Circuit Court....
https://therealdeal.com/miami/2021/08/17/fort-lauderdale-hotel-resolves-foreclosure-suit-with-11m-refi/
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