JP Morgan Provides $430M Construction Loan For Shore Club In Miami Beach
1901 Collins Avenue
$430,000,000
Building Size
—
Asset Type
Condo
Closing
Jul 19, 2023
About this deal
AI
The famed Shore Club, located at 1901 Collins Avenue in Miami Beach, has secured an unprecedented $430 million construction loan from JP Morgan. The luxury condo and hotel property will undergo further development and enhancement with the help of this substantial financing. This loan will pave the way for a significant transformation of the Shore Club, ensuring its continued prominence in the Miami Beach market.
Summary of transaction details:
- Property Type: Luxury Condo and Hotel
- Loan Amount: $430,000,000
- Loan Type: Construction
- Lender: JP Morgan
- Landlord (Representatives): Kyle Asher (Monroe Capital), Alex Witkoff (Witkoff)
- Capital Advisor: Faisal Ashraf (Lotus Capital)
Lotus Capital Partners, serving as the exclusive advisor to The Witkoff Group and Monroe Capital, arranged and structured this monumental loan from JP Morgan. This transaction highlights the expertise of Lotus Capital in securing significant financing for notable real estate projects. With the assistance of their capital advisor, Faisal Ashraf, The Witkoff Group and Monroe Capital have solidified a financial partnership that will fuel the redevelopment of the Shore Club.
On the Map
$430,000,000
Condo
View full map
Players
Las Vegas Condo Market Snapshot
Boundary boundary · Condo · Loan transactions
Loading comparables…
Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.04%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93