Madison Capital Management L.L.C. and its affiliates\u00a0 closed on a $45 million B Note loan acquisition from Hypo Real Estate Capital Corp. The loan is secured by a luxury oceanfront hotel and condominium project in South Beach, Fla. W South Beach Hotel & Residences (pictured) is currently under construction at 2201 Collins Ave. and is scheduled to be completed in the summer of 2009. The property is the first W project made up entirely of residences and will operate as a hotel as unit holders include their residences in a voluntary rental program. The hotel features 419 residences. Amenities will include two restaurants, two outdoor swimming pools, Bliss Spa,\u00a0 private pool cabanas with flat-screen televisions,\u00a0 balconies, and a fitness center. The development team includes Tri Star Capital, The Related Group and Starwood Properties. Starwood\u2019s W Hotels Worldwide will manage the property. \u201cMadison is pleased to be a part of the distinguished financing team associated with this dynamic project,\u201d Bryan Gordon, chairman and managing director of Madison said in a release. \u201cThe 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.\u201d 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\u2019s 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 resort-style outdoor swimming pool.<\/p>\n","protected":false},"excerpt":{"rendered":"
Madison Capital Management L.L.C. and its affiliates\u00a0 closed on a $45 million B Note loan acquisition from Hypo Real Estate Capital Corp. The loan is secured by a luxury oceanfront hotel and condominium project in South Beach, Fla. W South Beach Hotel & Residences (pictured) is currently under construction at 2201 Collins Ave. and is…<\/p>\n","protected":false},"author":1314,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4],"tags":[],"class_list":["post-1003873641","post","type-post","status-publish","format-standard","hentry","category-regions"],"acf":[],"yoast_head":"\n