Madison Newbond has provided a $79.3m (€68.1m) loan to a joint venture between MetLife Investment Management and US hospitality firm MDM Group for the JW Marriott Marquis Miami hotel building.
The US hospitality real estate lending platform of Madison Realty Capital and Newbond Holdings said it has originated the loan for the 357-key luxury hotel located at 255 Biscayne Boulevard Way in Downtown Miami.
The 41-storey JW Marriott Marquis Miami property, developed in 2010, is part of the four-building complex in Miami’s central business district known as Met Square, developed by MetLife and MDM.
Josh Zegen, managing principal and co-founder of Madison Realty Capital, said: “The JW Marriott Marquis Miami represents an instrumental development in the revitalisation of Downtown Miami and key fixture in the Met Square complex.
“MetLife and MDM Group have made a significant, long-term investment in the development of Downtown Miami and we are pleased to leverage our significant experience investing in Miami to provide a flexible financing solution to a dedicated borrower group for a flagship hotel.”
Neil Luthra, founding partner at Newbond, said: “This investment highlights Madison Newbond’s focus on identifying highly experienced borrowers and delivering tailored hospitality financing for leading hotel assets in major markets.
“The JW Marriott Marquis Miami is a premier property, and we are excited to continue our relationship with Madison Realty Capital to support MetLife and MDM Group on the next phase of its evolution.”
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