In Brief: IPA Capital Markets arranged a $75.1 million mid-construction recapitalization for The Monroe Hotel, an 89-key hotel redevelopment at 3010 Collins Ave. in Miami Beach’s Faena District.
IPA Capital Markets arranged a $75.1 million mid-construction recapitalization for The Monroe Hotel, an 89-key hotel redevelopment at 3010 Collins Ave. in Miami Beach’s Faena District.
Bobby Werhane, managing director with IPA Capital Markets, led the transaction for the property’s ownership group, with support from Scott Raasch, an IPA Capital Markets senior director. Both are based in the firm’s Charlotte office.
The financing structure includes four sources: $44 million in Commercial Property Assessed Clean Energy 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.
Two of the four financing sources represented new lending relationships for the sponsor. The Monroe has a total project cost of $125.5 million.
The Monroe is scheduled to open in 2027 following a comprehensive renovation. The five-star boutique hotel will include 15 suites, ranging from 488-square-foot junior suites to a 1,257-square-foot presidential suite.
Plans also include a 5,000-square-foot restaurant and bar, a rooftop bar and event venue, an in-house recording studio, a pool and deck with outdoor dining, private beach service through Boucher Brothers property management company, and a spa and fitness center.
The hotel is a 10-minute walk north of South Beach. The Faena District was officially designated in 2014.
