MetLife Investment Management and MDM Group scored a $79.3 million refinancing for their 357-key JW Marriott Marquis Miami.
Madison Newbond, a hospitality financing arm of Madison Realty Capital and Newbond Holdings, provided the loan for the 41-story hotel at 255 Biscayne Boulevard Way in downtown Miami, according to news releases from the lender and the borrowers’ broker. The floating rate loan has a three-year term.
Paul Stasaitis and Kevin Davis were part of the JLL team that represented the borrowers.
The loan refinances a $77.7 million loan provided by Minneapolis, Minnesota-based global investment firm Värde Partners, records show. In 2017, MetLife and MDM borrowed $58.8 million from Wells Fargo and refinanced the $50 million balance in 2021, bumping it by $27.7 million, with Värde in 2021, according to records.
MetLife and MDM completed the JW Marriott in 2010 as part of their Met Square complex, also known as Metropolitan Miami, in downtown Miami. It also consists of the 40-story, 447-unit Met 1 condo tower; the 32-story, 462-unit Monarc at Met apartment tower with a Whole Foods; and the JW Marriott Marquis, which is connected to the 47-story Wells Fargo Center office tower.
ZOM Living also completed the 34-story, 188-unit Muze at Met apartment tower in 2019 as part of the Met Square complex.
The JW Marriott consists of 313 JW Marriott Marquis rooms and 44 Hotel Beaux Arts rooms, which are part of Marriott’s Autograph Collection, according to the lender’s news release.
Madison Realty and Newbond, both based in New York, partnered in 2021 to start Madison Newbond, launching it with $500 million in initial lending capacity. It provides first mortgages, mezzanine loans and preferred equity to hotel owners and developers nationwide, according to a 2021 news release announcing its formation.
Madison is led by co-founders Josh Zegen and Brian Shatz. Newbond is led by Neil Luthra and Vann Avedisian.
South Florida refinancings have flowed, despite elevated interest rates, tighter lending standards by banks and other headwinds.
This month, Steve Ross’ West Palm Beach-based Related Ross scored $340 million from BDT & MSD Partners for the One Flagler office tower, refinancing a $242.5 million construction loan borrowed in 2022 and increasing it by $97.5 million. The tower, completed this year, is at the foot of the Royal Park Bridge and overlooks the Lake Worth Lagoon.
Also this month, Acre landed a $72 million refinancing for the five-story, 236-unit Adela at MiMo Bay at 6445 Northeast Seventh Avenue in Miami’s MiMo Biscayne Boulevard Historic District. In July, Moishe Mana scored $150 million from WFL Lender for 56 of his properties in Miami’s Wynwood.
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