Refinancing in many cases can make sense for CRE firms. But every company may have distinct reasons for doing so. Particularly, refinancing is picking up in Florida — with luxury hotel Fontainebleau Miami Beach becoming the latest to join the party.
The property, majority owned by Jeffrey Soffer, plans to refinance $1.18 billion in past mezzanine and commercial mortgage-backed security debt, according to a report from Bloomberg. This includes a $75 million construction loan for the hotel's convention center facilities and $40 million in closing costs.
With the move, Fontainebleau Miami is planning to fund the refinancing with sales of a $975 million CMBS and a $225 million mezzanine loan. That would raise about $1.2 billion.
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