Hersha Hospitality Trust has refinanced outstanding debt on its 263-room Courtyard Miami Beach Oceanfront as it constructs a 93-room oceanfront tower, according to a news release.
Hersha, with corporate offices listed in Harrisburg and Philadelphia, purchased the hotel and adjacent beachfront land parcel in November, according to the release.
The company began construction on the all-suite oceanfront tower in May and anticipates completing the work in late 2013, the release stated.
The new $60 million loan has a fixed interest rate of 4.32 percent and is interest-only for the full four-year term, according to the release.
There is $45 million in initial funding and three additional draws of $5 million each for construction on the tower, the release stated.
Hersha is a self-advised real estate investment trust owning 64 hotels in major urban gateway markets, according to the release.