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4441 Collins Avenue

Jeff Soffer And Brett Mufson Of Fontainebleau Development Secure $1.2B Refinance Loan For Hotel In Miami Beach
FINANCEDHotel

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:

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

Nick Scribani

Newmark

Broker

$55.9B

vol

198 deals

Broker
Goldman Sachs
Goldman SachsLender

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