Loans – Reuben Brothers Purchase St. Regis Bal Harbour loan
British billionaire brothers David and Simon Reuben are selecting up the senior loan behind the St. Regis Bal Harbour resort, because the resort market continues to wrestle.
Their non-public fairness and funding agency, Reuben Brothers, acquired the $132 million mortgage from Mack Actual Property, in line with a spokesperson for Reuben Brothers.
Qatari agency Al Rayyan Tourism Funding Firm owns the 27-story oceanfront luxurious condo-hotel, which has 192 keys and 24 condo-hotel items. ARTIC paid $213 million for the St. Regis, at 9703 Collins Avenue, in 2014. That deal that broke all the way down to greater than $1 million per room.
The loan from Mack Actual Property, issued in August 2018, has a four-year time period with a one-year extension choice.
The observe sale comes as accommodations throughout the nation have been struggling to remain afloat, with many agreements between debtors and their lenders having expired.
Reuben Brothers has seen alternative in that sector, aggressively investing in luxurious accommodations in New York, South Florida and Europe all through the pandemic. Via its non-public fairness agency, the Reuben household, reportedly the second-wealthiest household in the UK, not too long ago acquired a minority stake in Jeffrey Soffer’s JW Marriott Miami Turnberry Resort & Spa in Aventura.
The buyers are additionally partnering with Soffer’s Fontainebleau Improvement on different investments as effectively. In Los Angeles, the British buyers supplied Michael Rosenfeld’s Woodridge Capital with $275 million in senior mezzanine debt for the Century Plaza megaproject.