The owner of the Loews Miami Beach Hotel obtained a $175 million refinancing.
MB Redevelopment LLC received the loan from New York-based German American Capital Corp., the U.S. arm of Germany’s Deutsche Bank, on Aug. 12. The Loews is located at 1601 Collins Avenue. The transaction follows the $300 million mortgage given to the owner of the nearby Delano Hotel at 1685 Collins Avenue earlier this year.
Deutsche Bank has provided financing to the Loews owner since 2001, according to the Daily Business Review. It originally gave the owner a $51 million loan before increasing the balance to $150 million in March 2005. [Daily Business Review] — Eric Kalis