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Dealmaker: Walker & Dunlop Secures $140M for Miami Beach’s Soho Beach House
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(Soho Beach House, Miami Beach, Fla.)
Walker & Dunlop, Bethesda, Md., arranged $140 million to refinance Soho Beach House in Miami Beach, Fla.
The property is a private members club and hotel with design nods to the city’s Art Deco and Cuban heritage.
“We were able to differentiate Soho Beach House as a marquee asset given the sustainability of its highly recurring membership revenue model and the impressive profitability of the asset through the cycle,” said Ari Hirt, Managing Director at Walker & Dunlop.
Jonathan Schwartz, Aaron Appel, Adam Schwartz, Keith Kurland, Hirt, Triston Stegall and David Kasten advised Beach House Owner, a subsidiary of Soho House & Co.
“SHCO selected JPMorgan Chase Bank and Citi Real Estate Funding Inc. for a favorable 10-year fixed-rate interest-only loan, which repaid the existing debt, repatriated equity and covered financing and closing costs,” Walker & Dunlop said.