Driftwood Capital, a leading financial institution, recently provided $34.8 million in mezzanine financing for the refinancing of Miami Airport Marriott Connection. This complex consists of three well-known Marriott hotels located near Miami International Airport. The funding was made possible through Driftwood’s lending fund, known as Driftwood Lending Partners LP (the “Fund”), and was used to support an affiliate of Cerberus Capital Management and Highgate.
In addition to this financing from Driftwood, a global bank also contributed $92 million in first mortgage proceeds towards the project.
The loan offered by Driftwood is for two years with the option to extend it for three additional one-year periods at a competitive interest rate. The collateral for this loan includes 371-key full-service Marriott hotel along with 301-key Courtyard by Marriott and 164-key Residence Inn by Marriot properties.
These properties are strategically located at 1201 NW LeJeune Rd., close to popular entertainment venues, dining options as well as major transit corridors such as State Road 836 (also knowns Dolphin Expressway). Moreover,the portfolio is only ten minutes away from Miami International Airport making it easily accessible for travelers.
Since its inception in late-2020,DLP has been involved in over $1.4 billion worth of hotel financing across various locations throughout the country.This recent collaboration between Highgate,Cerberus Capital Management,and DLP highlights their commitment towards providing top-notch services within the hospitality industry without compromising on quality or efficiency.
