David Grutman and Pharrell’s Goodtime Hotel in South Beach scores $164M refi

David Grutman, Pharrells Goodtime Hotel scores 164M refi
Eric Birnbaum, David Grutman & Pharrell Williams with a view of the Goodtime Hotel (Getty Images, LinkedIn, iStock, Illustration by Kevin Cifuentes for www.therealdeal.com

Imperial Companies developed the Washington Avenue hotel

Let the good times roll. David Grutman and Pharrell Williams’ Goodtime Hotel scored a $164 million refinancing.

Washington Squared Owner LLC, an affiliate of Imperial Companies, secured the loan from CIM Group and J.P. Morgan Chase for the property at 601 Washington Avenue in Miami Beach, according to records and Eric Birnbaum, principal of Imperial Companies. The New York-based firm partnered with Williams and Grutman to open the 266-key hotel earlier this year.

The $200 million hotel includes 100,000 square feet of public spaces, 45,000 square feet of ground-floor retail, the 30,000-square-foot Strawberry Moon restaurant and pool deck area. It opened in April. The retail space will feature a combination of food and beverage, wellness and fashion concepts, Birnbaum said.

A Walker & Dunlop team led by Aaron Appel and Keith Kurland arranged the financing. The Commercial Observer first reported the loan.

By Katherine Kallergis  www.therealdeal.com
Read the full story  www.therealdeal.com


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