Witkoff Acquires Hotel In Miami For $94M With Sellers MDM Group

A hotel located at 700 North Miami Avenue has been sold in a transaction worth $94,000,000. The property spans across 4.7 acres, with a price per acre of approximately $20,000,000. The sale took place in Miami, and the buyers of the hotel are Steven Witkoff and Alex Witkoff from Witkoff, and Theodore Koenig from Monroe Capital. The sellers of the property are Florencia Tabeni, Ricardo Glas, and Luis Pulenta from MDM Group. Manny De Zárraga from JLL served as the broker representing the sellers in the deal. Kevin Cullinan and Richard Mack from Mack Real Estate Credit Strategies acted as the lenders for the transaction, while Nick Scribani, Dustin Stolly, and Jordan Roeschlaub from Newmark served as the mortgage brokers.

Summary of transaction details

• Property Type: Hotel
• Transaction Amount: $94,000,000
• Address: 700 North Miami Avenue
• Market: Miami
• Buyer: Witkoff - Steven Witkoff & Alex Witkoff; Monroe Capital - Theodore Koenig
• Seller: MDM Group - Florencia Tabeni, Ricardo Glas & Luis Pulenta
• Broker: Manny De Zárraga - JLL
• Lender: Kevin Cullinan & Richard Mack - Mack Real Estate Credit Strategies
• Mortgage Brokers: Nick Scribani, Dustin Stolly & Jordan Roeschlaub - Newmark
• Acres: 4.7
• Price per Acre (PPA): $20,000,000

The sale of the hotel was facilitated by Manny De Zárraga from JLL, who represented the sellers. Kevin Cullinan and Richard Mack from Mack Real Estate Credit Strategies provided the funds for the transaction, with Nick Scribani, Dustin Stolly, and Jordan Roeschlaub from Newmark acting as the mortgage brokers. This successful deal was made possible through the collaboration of various individuals and companies, bringing together both buyers and sellers to finalize the transaction.