IPA Capital Markets, a division of Marcus & Millichap specializing in capital markets services for major private and institutional clients, announced the $75.1 million mid-construction recapitalization of The Monroe Hotel, an 89-key luxury boutique hotel under redevelopment at 3010 Collins Ave. in Miami Beach’s Faena District.
Bobby Werhane, managing director with IPA Capital Markets, led the transaction on behalf of the property’s ownership group. The team structured a capital stack comprising four sources, two of which represented new lending relationships for the sponsor.
The recapitalization included $44 million in commercial property assessed clean energy financing from Nuveen Green Capital, $24.8 million in construction debt from City National Bank, $6.3 million in bridge financing from Midland States Bank and historic tax credit equity financing from PNC Bank.
The Monroe has a total project cost of $125.5 million. Scheduled to open in 2027 after a
