$75.1 Million Recapitalization Loan Secured For 89-Key The Monroe Hotel In Miami Beach

The Monroe Hotel is a luxury boutique hotel with 89 keys located at 3010 Collins Avenue in Miami Beach, FL. It is currently under redevelopment and involved in a mid-construction recapitalization. The total loan amount for this project is $75,100,000.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $75,100,000
• Address: 3010 Collins Avenue, Miami Beach, FL
• Asset Type: Luxury boutique hotel
• Lenders: Nuveen Green Capital, City National Bank, Midland States Bank, PNC Bank
• Loan Type: Recapitalization
• Keys: 89

Robert Werhane and Scott Raasch from Institutional Property Advisors, a part of Marcus & Millichap, facilitated the financing arrangement for The Monroe Hotel. The financing structure includes $44 million in C-PACE financing, $24.8 million in construction debt, and $6.3 million in bridge financing, along with historic tax credit equity from PNC Bank.