Fontainebleau Development Secures $1.175B Fixed-Rate Loan For Miami Beach Hotel
FINANCED
$1,175,000,000
Florida
See Similar DealsHotel1,179,177 SF
Financed 11/10/2019
FINANCED
Fontainebleau Development Secures $1.175B Fixed-Rate Loan For Miami Beach Hotel
4441 Collins Avenue
See Similar DealsHotel1,179,177 SF
Financed 11/10/2019
Summary
FLORIDA
Asset Type:Hotel
Price Per Square Foot:$996
Total Square Footage:1,179,177 SF
Transaction Type:Loan
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.
Players
LENDER
LENDER
LANDLORD
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$1,175,000,000.00
Monthly NOI$7,833,333.33
Monthly Debt Service$7,426,799.28
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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