1997, the Debtor has owned the Property, known as Sagamore, the Art Hotel, located at 1671 Collins Avenue, Miami Beach, Florida. On or about March 24, 2006, the Debtor refinanced the Property with Arbor Commercial Mortgage, LLC, as evidenced by the Loan Documents, in the principal amount of $31,500,000.00 (the ” Loan”). The Loan Documents consist of various documents, including the Note, the Mortgage, the Loan Agreement, and security agreements.5 The subject Loan Agreement dated as of March 24, 2006 between the Debtor and Arbor Commercial Mortgage, LLC (the ” Loan Agreement”) contains a ” Construction of Documents” provision, providing that ” [i]n the event of any conflict between the provisions of this Loan Agreement and any of the other Loan Documents, the provisions of this Loan Agreement shall control.”6
The Loan was subsequently securitized. Through a subsequent series of assignments and endorsements of the Loan Documents, the Secured Lender now claims ownership of the subject Loan.
