The Mondrian Gets a Loan Extension

Real Estate Blog Article

Thursday, May 06, 2010

Despite their appeal, many of the most popular Miami Beach condos have to pay the bills and the struggles some of them have had to face have not gone unnoticed.  The Gansevoort for example has seen a few problems such as lawsuits and now the equally popular Mondrian South Beach has to take care of its financials.  In this case however, the news isn’t quite as concerning as that of the Gansevoort.

 The existing mortgage for the Mondrian South Beach has now been extended for an additional seven years until April 2017.  Originally, Morgan Hotel Group (one of the Mondrian’s joint venture partners) obtained a $124 million mortgage, $70 million of which remains outstanding.  Under this mortgage, the owners are now allowed to fund a maximum of eighty percent of the purchase to whoever decides to purchase one of the Miami Beach condos within the building.

The decision to extend the mortgage for the Mondrian South Beach makes it one of the few Miami Beach condos and/or hotels where the lender actually sees a positive long term future.  It may end up being one of the condo-hotels that manages to survive the shaky Miami Beach condo market as it continues the tough road to recovery.

Comments: 0
There are no comments for this post.
Post a comment below
LEAVE A COMMENT
 
Name
 
Email Address
 
URL
 
 
Comment
 
Captcha

Type the characters you see in the picture above.
 
 
< Back

Updated: Tuesday, September 25, 2018

5 Tips for Economically Renova...
In 2017, homeowners spent an average of 15,000 on house renovations. However, you need to ta...

How to Create Stairs That Get ...
Paint Themldquo;Can you paint stairs“" The short answer: Yes Painted stairs a...

6 Creative Things to do With Y...
Paint ThemYou can find as many painted pumpkin tutorials as you can pumpkins in the...

Copyright ©2018Realty Times®. All Rights Reserved

Housing Rebound: Factors to Consider
In Miami we have had an incredible year of growth with an ever shrinking supply of condos...

Hoteliers Buy Versace Mansion at Auction
Gindi Family and Nakash Family of New York were the winners of the auction for Casa Casuarina...

Stunning Estate for Sale on Allison Island
Allison Island is one of the man made islands comprising Miami Beach. One half of the island...

Avant Garde and Luxurious Penthouse on Fisher Island
Fisher Island is home to some of the highest net worth individuals in Miami. It is a private...

6000 Indian Creek, Condominium Spotlight
6000 Indian Creek is a Sieger Suarez project that was completed in 2007 and consists of...

$35 Million Buys you THIS on Star Island
$35 Million for a home on Star Island is par for the course in Miami Beach real estate....

Development Update
It is looking like a dusty winter season in Miami, with all the construction rapidly underway,...

North Bay Road Charm, 4330 North Bay Road
4330 North Bay Road is a stunning example of Mediterranean architecture in Miami Beach....

Best Home Improvements for Resale Value
It could not be a better time for a homeowner to list their home for sale in Miami. The...

Biscayne Gets a New Development
The Melo Group of developers acquired 601 NE 23rd St last year and have conceived of 23...

520 West Ave Residence 2301
520 West Avenue is home of the Bentley Bay. Bentley Bay is comprised of two modern towers...

Spice 2013, Guide 101
Miami Spice is a program whereby most of the restaurants in the city encourage people to...

Hollywood has a New Hotel
Margaritaville Hollywood is coming to Hollywood Beach and is likely to completely alter...

Sustainable Waterfront Home on Normandy Isle, 1.85 Million
Rarely on the market do we find completely sustainable, off the grid, homes in Miami Beach....

Housing Inventory on the Rise at the Close of Summer
The Wallstreet Journal released numbers via Realtor.com regarding the inventory of available...

Warm Spanish Style Home Listed on the Sunset Islands
1844 W. 23rd Street is listed on the Miami Beach luxury real estate marketplace for $11...

Former Gansevoort Getting Complete Eco-Renovation
Last year the Perry Hotel, formerly the Gansevoort, was purchased for $230 million. The...

Affordable Luxury Waterfront on Hibiscus Island
A home that is considered affordable in Miami terms for waterfront is generally between...

Bart Reines New Masterpiece Released on the Market
Bart Reines is one of the worlds most impressive modern architects living, and he has just...

New Listing on La Gorce Island
98 La Gorce Court has just been listed for sale. This over 7800 square foot home with 8...