Jeff Soffer And Brett Mufson Of Fontainebleau Development Secure $1.2B Refinance Loan For Hotel In Miami Beach
4441 Collins Avenue
$1,200,000,000
$600/SF
Building Size
2,000,000 SF
Asset Type
Hotel
Closing
Dec 6, 2024
AI
The property asset involved is a hotel located at 4441 Collins Avenue in Miami Beach. The asset has 1,594 keys and spans a total area of 2,000,000 square feet. The loan amount secured for this property is $1,200,000,000, classified as a refinance.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $1,200,000,000
- Address: 4441 Collins Avenue
- Market: Miami Beach
- Asset Size: 1,594 keys
- Square Footage: 2,000,000
- Lender: David Solomon - Goldman Sachs; Jamie Dimon - JP Morgan
- Landlord: Jeff Soffer & Brett Mufson - Fontainebleau Development
- Landlord's Rep: Jordan Roeschlaub, Jonathan Firestone, Nick Scribani, Tyler Dumon & John Caraviello - Newmark
Key individuals involved in the transaction include David Solomon and Jamie Dimon representing the lending institutions, while Jeff Soffer and Brett Mufson represent the landlord. The landlord's representation is provided by a team from Newmark, consisting of Jordan Roeschlaub, Jonathan Firestone, Nick Scribani, Tyler Dumon, and John Caraviello.
Players
Miami Beach Hotel Market Snapshot
Boundary boundary · Hotel · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.01%
Cash-on-Cash
-0.00%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93