Madison Capital Acquires $45M B Note Loan for W South Beach Hotel
- Oct 14, 2008
Madison Capital Management L.L.C. and its affiliates closed on a $45 million B Note loan acquisition from Hypo Real Estate Capital Corp. The loan is secured by a luxury oceanfront hotel and condominium project in South Beach, Fla. W South Beach Hotel & Residences (pictured) is currently under construction at 2201 Collins Ave. and is scheduled to be completed in the summer of 2009. The property is the first W project made up entirely of residences and will operate as a hotel as unit holders include their residences in a voluntary rental program. The hotel features 419 residences. Amenities will include two restaurants, two outdoor swimming pools, Bliss Spa, private pool cabanas with flat-screen televisions, balconies, and a fitness center. The development team includes Tri Star Capital, The Related Group and Starwood Properties. Starwood’s W Hotels Worldwide will manage the property. “Madison is pleased to be a part of the distinguished financing team associated with this dynamic project,” Bryan Gordon, chairman and managing director of Madison said in a release. “The W South Beach Hotel & Residences will be a vibrant and exciting destination resort which will further entice visitors from the United States and around the world to visit the greater Miami area.” Another recent transaction by Madison included the acquisition of a $7.9 million participated senior secured construction loan for The Towers of Channelside in Tampa, Fla. Completed in the summer of 2007, the 29-story towers are located in the city’s Channelside District and feature 257 residential units ranging from 1,136 to 4,849 square feet of living space, approximately 35,000 square feet of retail space and a resort-style outdoor swimming pool.