JPMorgan Chase and Citi Real Estate Funding this week originated a $140 million loan for a subsidiary of Soho House & Co. on a Miami Beach private members club and hotel. The 10-year, fixed-rate financing, arranged by Walker & Dunlop, is interest only for its entire term.
The sponsor used proceeds to retire existing debt, return equity to investors and cover financing and closing costs. A team which included Jonathan Schwartz, Aaron Appel, Adam Schwartz, Keith Kurland, Ari Hurt, Triston Stegall and David Kasten arranged the loan at Walker & Dunlop.
Walker & Dunlop fielded proposals from investment banks, commercial banks, debt funds, and life insurance companies, with Hirt noting the interest came as a result of the quality of the asset and the sustainability of its recurring membership revenue model. Additionally, the property remained profitable throughout the last cycle, he added.
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