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Madison Capital Management, Acquires Loan for W South Beach Hotel
Under Construction in South Beach, Florida
DENVER, CO, October 9, 2008. Madison Capital Management, LLC and its affiliates ("Madison"), an alternative investment management firm specializing in niche distressed, real estate, natural resources and special situation financial assets, announced it closed on a $45 million B Note loan acquisition from Hypo Real Estate Capital Corporation. The loan is secured by a luxury oceanfront hotel and condominium project in South Beach, Fla. W South Beach Hotel & Residences is currently under construction at 2201 Collins Ave. and is scheduled to be completed in the summer of 2009.
W South Beach Hotel & Residences, the first W project made up entirely of residences, will operate as a hotel as unit holders include their residences in a voluntary rental program. The project features 419 residences priced from the $700,000s to more than $5 million and includes studios, one- to three- bedroom, penthouse and bungalow units. Guests and owners will enjoy W South Beach Hotel & Residences' two signature gourmet restaurants including renowned Chinese eatery Mr. Chow, two beautiful outdoor infinity-edge swimming pools, spacious Bliss Spa(R) and secret gardens with picturesque fountains. The property also will include relaxing private pool cabanas with flat-screen televisions, expansive balconies with stunning views of the Atlantic Ocean and modern fitness center.
The development team of W South Beach Hotel & Residences includes Tri Star Capital, The Related Group and Starwood Properties.
Starwood's W Hotels Worldwide will manage the property.
"Madison is pleased to be a part of the distinguished financing team associated with this dynamic project," said Bryan Gordon, chairman and managing director of Madison. "The W South Beach Hotel & Residences will be a vibrant and exciting destination resort which will further entice visitors from the United States and around the world to visit the greater Miami area."
Another recent transaction by Madison included the acquisition of a $7.9 million participated senior secured construction loan for The Towers of Channelside in Tampa, Fla. Completed in the summer of 2007, the 29-story towers are located in the city's Channelside District and feature 257 residential units ranging from 1,136 to 4,849 square feet of living space, approximately 35,000 square feet of retail space and a magnificent resort- style outdoor swimming pool.
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