Toronto firm picks up Ocean Drive hotel for $39M
The Real Deal reported that a Toronto-based investment firm paid $39.3 million for the Lord Balfour hotel on Ocean Drive in Miami Beach. The buyer is an affiliate of Toronto, Canada-based private equity firm Catalyst Capital Group. It financed the acquisition with a $20 million loan from Madison Newbond, the institutional lending platform of New York-based Madison Realty Capital and Newbond Holdings. The property, now called the Balfour Hotel, includes a three-story corner building constructed in 1940, a four-story building next door that was completed in 2018, plus a pool and Jacuzzi, the Mehzcla Restaurant and a lobby bar and lounge. Madison Newbond launched in November 2021 with approximately $500 million of initial lending capacity and has plans to add scale in line with existing opportunities.