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Aztec Arranges the Purchase of a Performing Loan on the
Comfort Inn Airport / Cruise Port in Hollywood, Florida
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Miami, Florida -January 26, 2009 - Aztec Group, Inc., Florida's leading real estate investment and merchant banking firm based in Miami, is pleased to announce the closing of the acquisition of a $13,000,000 performing, fixed rate, CMBS loan encumbering the Comfort Inn Airport / Cruise Port South in Hollywood, Florida. 

Located just south of the Fort Lauderdale International Airport and Port Everglades, the 191-room Comfort Inn contains a large outdoor swimming pool, a restaurant, pool side bar and a business center. The hotel was acquired by the current owner three years ago and was completely renovated in 2007/8. 
 

Comfort Inn Airport/Cruise Port South
2520 Stirling Rd., Hollywood, Florida
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The performing, 10-year, fixed rate non-recourse loan was originally placed and closed in January 2008, and was intended to be securitized as a CMBS loan. The deteriorating CMBS market in the latter part of 2007 and throughout 2008 caused a paradigm shift in the ability to securitize billions of dollars worth of commercial real estate loans.  The Comfort Inn Airport / Cruise Port South loan remained on the balance sheet of the original lender for nearly one year. 

The purchaser of the loan, a locally-based private investment group, represented by and affiliated with the principals of Aztec Group, entered into an agreement and concluded the acquisition within seven days just prior to the end of the year.  “Since we knew the underlying collateral for the loan, as well as the borrower, extremely well, it was relatively easy to close this performing loan acquisition very quickly,” noted Boaz Ashbel, Aztec Group’s Managing Director, who along with Jason Shapiro closed the loan acquisition.  “After sitting on the balance sheet of the lender for nearly one year as an unsecuritized CMBS loan, the lender was motivated to move the asset off the books and raise some cash in time for 2009,” added Shapiro.
 


Boaz Ashbel

Jason Shapiro
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Founded in 1981, Aztec Group, Inc. is a full service real estate investment and merchant banking firm specializing in facilitating the acquisition, disposition, financing and capital needs of real estate projects for institutional investors, entrepreneurs, developers and offshore clients.  

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Contact:

Aztec Group, Inc.
Boaz Ashbel, Managing Director 
2665 S. Bayshore Drive, PH2A 
Coconut Grove, FL 33133 
(305) 938-8617 
bashbel@aztecgroup.com
www.aztecgroup.com

 Jason Shapiro
 Managing Director
(305) 938-8633
jshapiro@aztecgroup.com


 
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Also See: Aztec Arranges $28 million Construction Loans for Courtyard and Residence Inn in San Antonio, Texas / July 2008
Aztec Arranges $13 million Loan for the Comfort Inn Airport/Cruise Port in Fort Lauderdale, Florida / January 2008
Aztec Group, Inc. Arranges the $12.25 Million Sale of Ramada Inn Airport North/Days Inn Westland Mall in Hialeah, Florida / August 2007
Aztec Arranges the $70 million Refinancing for the Sheraton Miami Mart and the Sheraton Orlando Downtown / March 2007
Aztec Group, Inc. Arranges the $79 Million Sale of Hawk’s Cay Resort in the Florida Keys / February 2007
Aztec Group Arranges the Sale of the Hampton Inn & Suites Ft. Lauderdale - Airport in Hollywood, Florida / May 2006
Aztec Group Arranges the Sale of the Stirling Suites (Formerly SpringHill Suites – Fort Lauderdale Airport) in Dania Beach, Florida / May 2006
Aztec Group, Inc. Arranges the $12 Million Sale of the Comfort Inn Airport/Cruise Port South, Hollywood, Florida / February 2006
Aztec Arranges $20 million for Condo-Hotel Redevelopment Financing for the Breakwater and Edison Condo/Hotels in the Historic Art Deco District of South Beach / October 2005
Aztec Group, Inc., Arranges $28 million in Sale and Financing of the Doubletree Resort Orlando – Villas at Maingate in Kissimmee, Florida / August 2005
Aztec Arranges the Historic Sale of World-Famous Fontainebleau Hotel, A Miami Beach Landmark / June 2005
Aztec Group Places $21 million Bridge Loan on the Breakwater/Edison Hotels on Miami Beach / October 2004


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