KUALA LUMPUR, July 21 -- Madison Realty Capital, a vertically integrated real estate private equity firm announced it has provided a US$105 million loan to Fort Partners for the acquisition and modernisation of the Four Seasons Hotel Miami located at 1435 Brickell Avenue in Brickell, Florida. (US$1 = RM4.232)
The loan was originated from Madison’s income strategy that offers transitional loans to institutional sponsors. In 2019, Madison provided a US$210 million loan to Fort Partners for its construction of the Four Seasons Hotel and Private Residences Fort Lauderdale.
“We are pleased to continue our work with Fort Partners, a best-in-class developer with a strong track record in South Florida, and deliver a timely, customised financing solution for this exciting project,” said Managing Principal and Co-Founder of Madison Realty Capital, Josh Zegen.
Meanwhile, partner with Fort Partners LLC, Michael Conaghan, said: “This is our second large loan with Madison Realty Capital, and again they executed quickly and delivered certainty of execution. Madison offered a highly competitive rate with a flexible structure that will allow us to effectively implement our renovation and repositioning plan for this strategic asset.”
According to a statement, the 221-key hotel is part of a 70-storey mixed-use tower that includes class-A office space, residential condominiums, an Equinox health club, retail space and a parking garage.
Millennium Partners developed the property in 2003 and Handel Architects led the design. The acquisition marks the fourth Four Seasons property in Fort Partners’ Florida portfolio alongside hotels located in Surfside, Fort Lauderdale, and Palm Beach.
JLL Managing Director Jim Dockerty, Senior Managing Director, Kevin Davis, and Managing Director, Mark Fisher represented Fort Partners in the deal.
More details at www.madisonrealtycapital.com.
-- BERNAMA
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