1616-74 Various Miami Beach 10
.4- MICHAEL Y. CAR
O
• O
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•MIAMI-DADE October 2003.
m •MIAMI BEACH SEABOARD INDUSTRIAL
{ w
w HOTEL RECEIVES PARK SALE •HOLLYWOOD
a.
a FUNDING HILLCREST DRI\
w Location:3551 NW 16th St.
N OFFICE
Location:1671 Collins Ave. Seller:Forty Seventh Ave-
o Borrower:Sagamore Part- nue,of Tallahassee,repre- Location:N
z ners,controlled by Sagamore sented by Paul M.Romano, crest Drive ar
f GP Corp.,represented by Mar- vice president. Avenue.
— tin W.Taplin,executive. Buyer:Lydia Kriger and Seller:F'
aLender:Arbor Realty Moises Kriger,co-trustees. sented by
cc Funding. Price:$2.5285 million,or and Bruc
z Loan Amount:$3 million. $35.95 per square foot. Buy(
z Built in 1948,the 129-room Financing:Assumed pay- resent(
1- oceanfront hotel is located on ments on a 2003 mortgage ager.
a.99-acre site.Taplin paid$6.4 held by Community Bank of Pri
g million for the hotel in 1997,or Broward County. $100.2
-o $49,612 per key.Renovations Total Assessed Value: Fir,
d are scheduled for the hotel's $1,814,296. obtaii
.c interior and exterior,plus two The 70,333-square-foot Bank.
3 new pools and cabanas were structure was built in 1974 on a Tr
constructed.This new 3.27-acre site in the Seaboard $3,8
advance from Arbor brings the Industrial Park.The property
total of all loans to$30 million, previously sold for$1.6 million of
or$232,558 per key. in 1976 and$2.5 million in
may-. - .