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Walker & Dunlop Secures $140 Million Financing for Miami Beach’s Soho Beach House
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BETHESDA, Md.--(BUSINESS WIRE)--
Walker & Dunlop, Inc. announced today that it arranged $140 million in loan proceeds to facilitate the refinancing of Soho Beach House, a private members club and hotel located in Miami Beach, FL.
Soho Beach House (Photo: Business Wire)
Walker & Dunlop's Jonathan Schwartz, Aaron Appel, Adam Schwartz, Keith Kurland, Ari Hirt, Triston Stegall, and David Kasten were exclusive advisors to Beach House Owner, LLC, a subsidiary of Soho House & Co (SHCO) and brought in numerous financing options from investment banks, commercial banks, debt funds and life insurance companies. SHCO selected JPMorgan Chase Bank, N.A. and Citi Real Estate Funding Inc. for a favorable ten year fixed-rate interest-only loan, which repaid the existing debt, repatriated equity, and covered financing and closing costs.
Situated in a 1940s tower overlooking Miami Beach, the club's design is inspired by the city's Art Deco and Cuban heritage, with a pool and ocean-facing rooftop among the highlights. The modernized seven-story main building includes 35 suites and has dedicated amenity space on the first three floors, while the 16-story beachfront tower offers 15 full-floor suites with wrap-around private terraces and ocean views. Located in the heart of Mid-Beach, Soho Beach House is in proximity to Downtown Miami as well as the Miami International Airport, Bal Harbour Shops, and the Wynwood Arts and Design District.
"We were able to differentiate Soho Beach House as a marquee asset given the sustainability of its highly recurring membership revenue model and the impressive profitability of the asset through the cycle," said Hirt, managing director at Walker & Dunlop. "In this challenging capital markets environment, we thank JPMorgan and Citi for recognizing this outstanding opportunity."
In 2022, Walker & Dunlop’s Capital Markets group sourced capital for transactions totaling nearly $26 billion from non-Agency capital providers. This vast experience has made them a top advisor on all asset classes for many of the industry’s top developers, owners, and operators. To learn more about Walker & Dunlop’s broad financing options, visit our website.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD) is one of the largest commercial real estate finance and advisory services firms in the United States. Our ideas and capital create communities where people live, work, shop, and play. The diversity of our people, breadth of our brand and technological capabilities make us one of the most insightful and client-focused firms in the commercial real estate industry.
walker & dunlop strives to be the premier commercial real estate finance company in the country by providing financing solutions and investment sales to owners of multifamily and commercial properties. as one of the largest providers of commercial real estate finance, we offer deep industry knowledge, an unparalleled team of finance professionals, broad market coverage and excellent customer service – all inside a public company with a family company culture. with walker & dunlop, clients receive a “boutique” level of service, but with all the same resources of a large lending platform. we have over 500 professionals located in over 25 offices throughout the united states dedicated to providing our clients with the best financing available. our comprehensive suite of financing solutions allows us to originate loans for our own balance sheet, and investment partnerships, or for sale to fannie mae, freddie mac, hud, life insurance companies, banks and cmbs providers. our financing expert