Fontainebleau Development Secures $1.175B Fixed-Rate Loan For Miami Beach Hotel
4441 Collins Avenue
$1,175,000,000
$996/SF
Building Size
1,179,177 SF
Asset Type
Hotel
Closing
Nov 10, 2019
About this deal
AI
4441 Collins Avenue in Miami Beach has recently been involved in a closed property transaction. This transaction was in the hotel asset category, and it took place on November 11, 2019.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $1,175,000,000
- Loan Terms: Fixed-rate
- Units: 1,600
The lenders involved in this transaction were Goldman Sachs, Morgan Stanley, and JP Morgan. The landlord in this deal was Fontainebleau Development. The brokers who facilitated the transaction were Dustin Stolly and Jordan Roeschlaub from Newmark Knight Frank.
It's important to note that the loan provided for this transaction totaled $1,175,000,000. The property is comprised of 1,600 individual units.
On the Map
$1,175,000,000
$996/SF
Hotel
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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