Miami Beach’s Soho Beach House Refis With $140M
Soho Beach House’s parent company nabbed $140 million to refinance its Miami Beach oceanfront hotel and private member’s club, according to Walker & Dunlop (W&D), which arranged the debt on the borrower’s behalf.
The 10-year, fixed-rate, interest-only financing from JPMorgan Chase Bank and Citi Real Estate Funding will go toward repaying the existing debt and repatriate equity. A representative for W&D declined to comment on the breakdown of the financing.
“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,” Ari Hirt, W&D’s managing director, said in the statement.
Located in Miami Beach’s Mid-Beach neighborhood at 4385 Collins Avenue, the 101,933-square-foot complex features a seven-story building with 35 suites as well as a 16-story beachfront tower with 15 full-floor suites.
Since opening in 2010, Soho Beach House has remained popular among celebrities, hosting parties attended by rapper Future and Oscar-winning actor Sean Penn, to name just a few.
The Art Deco building was first erected as the Sovereign Hotel in 1941. Soho House & Company paid just over $39 million for the building in 2008, just after the economic crash, property records show.
The company, which was founded in London’s Soho district in 1995 and went public in 2021, operates 40 locations worldwide. In recent months, Soho House quietly opened a second location in the Magic City, on the border of Wynwood and Edgewater, called Miami Pool House.
The W&D team, which brokered the recent round of financing, included Jonathan Schwartz, Aaron Appel, Adam Schwartz, Keith Kurland, Triston Stegall and David Kasten.
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