Real estate and hospitality development firm Fort Partners has secured $105m loan from Madison Realty Capital to purchase and renovate the Four Seasons hotel in Miami, Florida, US.
Four Seasons Hotel Miami is located at 1435 Brickell Avenue in Brickell and has 221 rooms.
It is part of a 70-story mixed-use tower that also features residential condominiums, an Equinox health club, class-A office space, retail space and a parking garage.
The property was developed by Millennium Partners in 2003 and designed by Handel Architects.
With the acquisition, Fort Partners has purchased four Four Seasons properties in Florida so far. The other three hotels are located in Surfside, Fort Lauderdale, and Palm Beach.
Madison Realty Capital managing principal and co-founder Josh Zegen said: “Fort Partners, in close collaboration with Four Seasons, have put forth a strong plan that will modernise the property focused on enhancing room configurations, pool deck and lobby, and upgrade the food & beverage options by partnering with renowned chefs and restaurateurs.”
The loan is part of Madison’s income strategy to provide transitional loans to institutional sponsors.
This is not the first time that Madison has provided a loan to Fort Partners. A $210m loan was granted to the company in 2019 to support the development of Four Seasons Hotel and Private Residences Fort Lauderdale.
Fort Partners partner Michael Conaghan said: “This is our second large loan with Madison Realty Capital, and again they executed quickly and delivered certainty of execution.
“Madison offered a highly competitive rate with a flexible structure that will allow us to effectively implement our renovation and repositioning plan for this strategic asset.”
Fort Partners was represented by JLL managing director Jim Dockerty, senior managing director, Kevin Davis, and managing director Mark Fisher for the transaction.