Moto Capital Group’s Marcos Lima with 350 Ocean Push (Loopnet, LinkedIn, Getty)
A Toronto-centered expenditure organization compensated $39.3 million for the Lord Balfour resort on Ocean Travel in Miami Seaside.
The house, now named the Balfour Lodge, experienced been subject matter to an out-of-court docket UCC foreclosure about two several years in the past. It was also at the centre of a lawsuit filed very last 12 months by its former co-owner and operator, Life Home lodges.
An entity led by Marcos Lima of Moto Cash Team sold the 81-important resort at 350 and 344 Ocean Generate to Catalyst Balfour House LLC. The purchaser is an affiliate of Toronto, Canada-dependent non-public fairness business Catalyst Funds Group. It financed the acquisition with an $18 million loan from Balfour Hotel Financial institution 1, a Delaware entity tied to New York-based Madison Realty Funds.
The property traded for about $485,000 for each crucial.
The U.S. arm of Henley, a United Kingdom-centered private equity business, paid just about $35 million for the lodge in 2019 and partnered with the resort startup Daily life Property. Moto Capital offered a $10.3 million loan to the then-Henley entity at the time of the order. Henley renovated the property, but ran into bad timing owing to the pandemic, and didn’t reopen the hotel.
In September 2020, then-mezzanine lenders Leste Group and Moto Cash finished the UCC foreclosures of the house. The resort afterwards reopened.
In November of previous year, Everyday living Home affiliates sued the Moto Money-managed entity that owned the hotel, but a judge dismissed the lawsuit in April.
The hotel consists of a 3-story corner making made in 1940, a 4-tale building up coming doorway that was accomplished in 2018, plus a pool and Jacuzzi, the Mehzcla Cafe and a foyer bar and lounge.
Catalyst Cash, led by Taking care of Companion Newton Glassman, did not instantly reply to a ask for for comment.
Driftwood Hospitality was running the Balfour Lodge, according to its site. It’s unclear if Driftwood will proceed to take care of the lodge.
