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Investor Inks $75.1M Construction Loan for Miami Hotel Redevelopment
Assouline-Busch Capital inked a 75.1 million mid-construction recapitalization of The Monroe Hotel, an 89-key luxury boutique hotel under redevelopment at 3010 Collins Ave. in Miami Beach’s Faena District. Formerly the Red South Beach Hotel, the property is being redeveloped and is scheduled to open in 2027.
The five-star boutique hotel will a 5,000-square-foot, full-service restaurant and bar; a rooftop bar and event venue with panoramic views of the Faena District; an in-house recording studio; a pool and deck with outdoor dining; and a full-service spa and fitness center.
The recapitalization included $44 million in Commercial Property Assessed Clean Energy (C-PACE) financing from Nuveen Green Capital, $24.8 million in construction debt from City National Bank, $6.3 million in bridge financing from Midland States Bank, and historic tax credit equity financing from PNC Bank.
The Monroe has a total project cost of $125.5 million.
IPA’s Bobby Werhane and Scott Raasch arranged the financing.
- ◦Financing
