Had a 6night stay with the family back in June. Place looks like the pictures and was clean but also appears that its gotten a fair amount of use (dings on furniture, scuff marks on wall etc, not a big deal).
There were 5 beds which was much more than enough for the 6 of us, and the way they are laid out was a good way to max out the space inside the loft. My wife and I liked the enclosure-like "comfy cove sleeper area"....feels a bit like something you might see in Japan, but anyone who is claustrophobic may want to sleep elsewhere.
The bathrooms were clean & fine, not fancy, but having two of them inside the place w/full showers really helped to speed things along during getting ready time. The building does feel like a hotel, has a pool w/beach access and is about 5minutes up Collins ave away from south beach.
In all, the accommodations are a like a 3.5-or maybe a 4 star venue; not ultra-luxury--- but the price we paid per person combined with the owner being very nice, upfront, & detailed and the fact that he let us have a later checkout on the day of departure--- was why we rated our experience so highly.
Ps, the only bug we saw was a moth that flew in when we had the window open one night. Hope to come again someday.