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Witkoff, Monroe score record $430M construction loan for Shore Club

Witkoff, Monroe score record $430M construction loan for Shore Club via www.therealdeal.com
Alex Witkoff, Theodore Koenig, and a rendering of Shore Club in Miami Beach (Getty, Monroe Capital) via www.therealdeal.com

J.P. Morgan provided financing for Robert A.M. Stern-designed project

Witkoff and Monroe Capital secured $430 million in construction financing for their Shore Club project in Miami Beach, likely marking the largest such loan for a residential development in South Florida — at a challenging time in the market.

J.P. Morgan provided the financing for the luxury condo and resort development planned for 1901 Collins Avenue, according to a press release.

New York-based Robert A.M. Stern is designing the oceanfront project alongside Kobi Karp Architecture & Interior Design. The 49 luxury condos will be in a new 20-story tower and an eight-story renovated Cromwell House building that was constructed in 1939. The project will also include a single-family beach house and a hotel.

Lotus Capital Partners, led by Faisal Ashraf, arranged the financing.

The condos will be part of Auberge Resorts Collection, which will operate the 75-room Auberge hotel and amenities, which are expected to include a spa, beach club, a restaurant, poolside cafe, bar and outdoor lounge.

Read the full story at: www.therealdeal.com

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