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.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.