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Marcus & Millichap’s IPA Capital Markets Arranges $75.1 Million Recapitalization for The Monroe Hotel in Miami Beach’s Faena District

MMI
  • IPA Capital Markets, a division of Marcus & Millichap, announced a $75.1 million mid-construction recapitalization for The Monroe Hotel, an 89-key luxury property at 3010 Collins Ave in Miami Beach.
  • The transaction was led by Bobby Werhane & supported by Scott Raasch, utilizing a four-source capital stack that included two new lending relationships.
  • Funding sources comprised $44 million in C-PACE financing from Nuveen Green Capital, $24.8 million in construction debt from City National Bank, $6.3 million in bridge financing from Midland States Bank, & historic tax credit equity from PNC Bank.
  • The total project cost is $125.5 million, with the five-star hotel scheduled to open in 2027 following a comprehensive renovation.
  • The property will feature 15 suites ranging from 488 to 1,257 square feet, a 5,000-square-foot restaurant & bar, a rooftop event venue, an in-house recording studio, a pool & deck, private beach service, & a spa & fitness center.
  • The Faena District location is a designated cultural destination known for ultraluxury hotels & an arts & fashion scene, situated a 10-minute walk north of South Beach.
  • Marcus & Millichap reported closing 8,818 transactions totaling $50.8 billion in sales volume in 2025 across 80 offices.