Assignment
Trimont was engaged by a major global investment bank to provide asset management and servicing on $50 million of subordinate loans and client equity interests.
Asset
The Setai is an intimate and serene oceanfront resort in the heart of South Beach in Miami. Its design vision artfully combines the rich architectural history of the neighborhood and its cultural diversity with the International Art Deco movement, particularly its influence in Asia. The Setai contains 163 residential units and 86 hotel rooms. The Spa at The Setai features private spa suites with an array of treatments featuring ancient healing traditions. The property features three different restaurants, three resort pools, a private beach, and pool concierge along with a fitness center and lobby bar. Located in the 40-story ultra-luxury, high-rise condominium tower, residences feature a multi-level lobby and panoramic views of the ocean, South Beach and the Miami skyline through floor-to-ceiling windows.
Insights
- The Setai Hotel was voted the “#1 hotel on Miami Beach” in 2013 by U.S. World & News Report and The Spa was voted the “Best for Romance by SpaFinder Readers’ Choice Awards” in 2012.
- The Art Deco landmark building was originally built between 1936 and 1938 as the famed Dempsey Vanderbilt Hotel.
- South Beach Condo Blog reports that Setai South Beach broke sales records in May of 2013 for the highest $PSF on a non-penthouse unit (over $3,000 per square foot).