Soho House & Co. refinanced its Miami Beach oceanfront private members club and hotel with a $140 million loan.
JPMorgan Chase and Citi Real Estate Funding provided a 10-year fixed-rated, interest only mortgage for Soho Beach House at 4385 Collins Avenue, according to a press release. A Walker & Dunlop team led by Jonathan Schwartz and Aaron Appel obtained the financing on behalf of Soho House.
The loan repaid existing debt, repatriated equity, and covered financing and closing costs, the release states. Soho House previously obtained a $117 million loan from Rexmark and Citigroup in 2019.
The Yucaipa Companies, led by billionaire Ron Burkle, owns a majority interest in Soho House, which has 42 hospitality properties in Europe and North America, according to the company’s website. Soho House bought the 16-story building previously known as the Sovereign Hotel for $39 million in 2008, records show.
The Art Deco building was completed in 1940, and underwent a major renovation designed by Miami architect Allan Shulman in 2010. Soho Beach House features 50 suites, two restaurants, a spa, screening room, swimming pool and a terrace bar on the eighth floor.
Last year, Soho House began improvements to the building that included replacing the air conditioning system, upgrading the tower’s automation system and adding a new air quality control system, records show.
In Miami Beach’s Mid-Beach neighborhood, Soho Beach House attracts a celebrity clientele, including Martha Stewart, Kate Hudson and Venus and Serena Williams, according to published reports. The property is next door to billionaire developer Jeffrey Soffer’s Fontainebleau Miami Beach resort.
A few significant refinancing deals have closed in South Florida recently. This month, JSB Capital Group scored a $219.9 million refinancing package for the firm’s Landmark South, a 631-unit apartment complex in Doral.
Last month, a Related Group-led joint venture refinanced $87.5 million in mortgage debt with a new $165 million loan for the Dorsey mixed-use project in Miami’s Wynwood neighborhood. Related, Alex Karakhanian’s Lndmrk Development, and Tricera Capital completed the 12-story building at 286 Northwest 29th Street last year.