Loews Miami Beach (AM Holt)
The U.S. arm of Germany’s Deutsche Bank has provided $175 million to the owners of Miami Beach’s Loews hotel in one of the largest refinancings in Miami-Dade County this year.
In a transaction that closed Aug. 12, New York-based German American Capital Corp. provided the financing to MB Redevelopment LLC, owner of the Loews Miami Beach hotel at 1601 Collins Ave.
Deutsche Bank has been increasing the amount of the loan it holds against the Loews hotel through the years. In March 2005, it lent the hotel operator $150 million. That retired an earlier Deutsche Bank mortgage from October 2001 for $51 million.
Earlier this year, the owner of the Delano Hotel at 1685 Collins Ave., just up the street from Loews, received a $300 million loan from Citigroup and Bank of America.