The Real Deal Miami

Soho Beach House scores $117M refi

Deal includes $55M loan from Citigroup and $62M from Rexmark
February 28, 2019 04:30PM

From left: Ron Burkle and Nick Jones with the Soho Beach House (Credit: Wikipedia and Pinterest)

Soho House closed on a $117 million refinance of its Soho Beach House in Miami Beach.

Citigroup is providing a $55 million senior loan and Rexmark is providing the $62 million mezzanine loan, according to the Commercial Observer. Mission Capital Advisors arranged the financing.

Billionaire Ron Burkle’s The Yucaipa Companies owns a majority interest in Soho House, in addition to founder Nick Jones. Ryder Properties sold the 16-story property at 4385 Collins Avenue, originally the Sovereign Hotel, to Soho House in 2008.

Architect Allan Shulman designed the hotel and members’ club, which has 50 luxury suites, two restaurants, a spa, screening room, swimming pool and an eighth-floor rooftop terrace bar.

A group led by fashion designer Tommy Hilfiger planned to convert the historic Raleigh Hotel at 1775 Collins Avenue into a private club similar to Soho Beach House, but the group recently sold it to New York developer Michael Shvo, Bilgili Group and Deutsche Finance Group for about $103 million.

Soho House has 23 exclusive member-only clubs, hotels, spas and restaurants around the world. [CO]Katherine Kallergis