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Assouline-Busch Capital backs $75.1M mid-construction Monroe Hotel revamp
The financing package includes $44.0 million in C-PACE funding and a $24.8 million construction debt loan from City National Bank.
Assouline-Busch Capital has secured a $75.1 million mid-construction recapitalization for The Monroe Hotel, an 89-key luxury boutique property at 3010 Collins Ave. in Miami Beach’s Faena District, according to ConnectCRE.
The hotel, previously known as the Red South Beach Hotel, is under redevelopment and is scheduled to open in 2027, with plans for a 5,000-square-foot full-service restaurant and bar, a rooftop bar and event venue, and an in-house recording studio.
ConnectCRE says the recapitalization includes $44.0 million in Commercial Property Assessed Clean Energy financing from Nuveen Green Capital, $24.8 million in construction debt from City National Bank, and $6.3 million in bridge financing from Midland States Bank.
The package also features historic tax credit equity financing from PNC Bank, as part of the project’s broader redevelopment plans including a pool and deck with outdoor dining, plus a full-service spa and fitness center.