Deutsche Bank Provides $130M Refi on Fort Lauderdale Beach Resort Property
A joint venture between The Carlyle Group and InSite Group have nabbed $130 million in debt from Deutsche Bank to refinance the B Ocean Resort in Fort Lauderdale, Fla., Commercial Observer can first report.
The floating-rate loan retires previous financing on the four-building resort, which sits on the shore of the Atlantic Ocean on Fort Lauderdale Beach.
The debt was arranged and secured by a New York-based Newmark Knight Frank team led by Jordan Roeschlaub and Dustin Stolly, together with Nick Scribani, Chris Kramer and John Gallagher, on behalf of the borrowing party. The brokers declined to comment on the transaction beyond prepared statements.
The ownership group has recently completed a renovation of the resort — at 1140 Seabreeze Boulevard — and is looking to expand the existing meeting and conference space by around 20,000 square feet to 33,000 square feet.
“Following the comprehensive renovation and the future meeting space expansion, Carlyle and InSite will be in a prime position to capitalize on the robust submarket dynamics that South Florida continues to benefit from,” Roeschlaub said in prepared remarks.
The 481-key resort currently has roughly 13,000 square feet of indoor meeting space, two infinity edge pools and a spa and 24-hour fitness center, bicycle rentals and private beach space. It also features a range of food and beverage options, including seafood restaurant, the Naked Crab, poolside bar Salty Siren and Wreck Bar, a bar and restaurant that hosts mermaid and “aqua burlesque” shows.
“The B Ocean Resort is one of the few hotels in the city with direct access to the beach, offering guests unobstructed views of the Atlantic Ocean,” Stolly said in a prepared statement. “The expansive private beachfront makes the resort one of the most sought-after destinations in Ft. Lauderdale.”
Deutsche Bank and The Carlyle Group declined to comment. An official at InSite Group was not immediately available.