Loews Corporation has struck a deal to secure $305 million to refinance a Miami, Florida hotel.
The loan, co-originated by National Association, J. P. Morgan Chase, and Wells Fargo Bank, is interest only, carrying a 10-year fixed rate, as reported by the Commercial Observer, citing Fitch Ratings. The bulk of the loan will be allocated towards refinancing existing debt, while just $5 million will support closing costs.
The Loews Miami Beach Hotel at 1601 Collins Avenue measures 747,774 square feet and consists of two towers. According to Fitch Ratings, the New York-based company, under the leadership of the Tisch family, has invested $99 million in renovating the property since 2016. Plus, there are plans to pour another $53 million into enhancing the 790-room hotel.
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