When DolphinBay Hospitality sold a majority stake in the Moxy Miami Wynwood hotel recently, the joint venture also secured $35.5 million in new financing.
DolphinBay obtained the loan from Synovus Bank on Jan. 30, records show. The same day, Istanbul-based Süzer Group paid $99 million to become 52 percent owner of the recently completed 120-key hotel at 255 Northwest 25th Street.
Charlie Ryan and Adeel Amin with Hunter Hotel Advisors secured the Synovus Bank mortgage on behalf of DolphinBay, a joint venture between Columbia, Maryland-based Baywood Hotels and Dolphin Capital Partners, based in Miami, Athens, Greece and Nicosia, Cypress, a press release states.
The loan was a “key component of a broader recapitalization for the Moxy,” which included bringing in Süzer, according to the release.
Jordan Karp handled the Süzer deal. The firm is led by Baran Süzer.
Designed by Kobi Karp, the Moxy Miami Wynwood opened in October and features the Sparrow Italia and Casa Madera restaurants on the ground-floor of the eight-story building. Noble 33, the company operating the two restaurants, is in talks with Süzer about opening a lounge and nightclub on the hotel’s rooftop, Baran Süzer previously told The Real Deal.
In May, DolphinBay paid off a previous $35 million loan with an affiliate of Coconut Grove-based BridgeInvest, records show. The joint venture paid $11 million for the 0.4-acre site in 2019.
Despite high interest rates, South Florida commercial lending is riding high. Last month, Coral Gables-based Codina Partners landed a $124 million refinancing for a pair of Downtown Doral apartment towers, and used some of the capital to buy out partner Invesco’s stake in one of the buildings.
Also in January, Lissette Calderon’s Coconut Grove-based Neology Development Group nabbed an $84.5 million loan that replaced a $78.2 million construction loan for the recently completed The Julia Residences. The 14-story building with 323 apartments, at 1625 Northwest 20th Street in Miami, was completed in May.