Driftwood Capital (“Driftwood”) provided $34.8 million in mezzanine financing for the refinancing of Miami Airport Marriott Connection, a Marriott-branded complex with three hotels near Miami International Airport. Through its lending fund, Driftwood Lending Partners, LP (“Fund”), the firm financed an affiliate of Cerberus Capital Management and Highgate. A global bank provided $92 million of first mortgage proceeds.

Driftwood originated a two-year loan with three, one-year extension options at a competitive interest rate.

The loan collateral consists of a 371-key full-service Marriott, a 301-key Courtyard by Marriott, and a 164-key Residence Inn by Marriott. Located at 1201 NW LeJeune Rd. in Miami, Florida, the portfolio of properties is near major entertainment, dining, and transit corridors such as State Road 836 (the Dolphin Expressway) and is less than 10 minutes from Miami International Airport.  

Since the Fund’s launch in late 2020, DLP has participated in more than $1.4 billion in financing for hotels and sponsors across the country.

The post Highgate Obtains $126.8M for 3-Hotel Refi appeared first on Connect CRE.

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