MIAMI BEACH, Fla.--(BUSINESS WIRE)--Sep. 4, 2026-- IPA Capital Markets, a division of Marcus & Millichap (NYSE:MMI) specializing in capital markets services for major private and institutional clients, announced today the $75.1 million mid-construction recapitalization of The Monroe Hotel, an 89-key luxury boutique hotel under redevelopment at 3010 Collins Ave. in Miami Beach’s Faena District.

Bobby Werhane, managing director with IPA Capital Markets, led the transaction on behalf of the property’s ownership group, with support from Scott Raasch, IPA Capital Markets senior director, both based in the firm’s Charlotte office. The team structured a capital stack comprising four sources, two of which represented new lending relationships for the sponsor.

The recapitalization included $44 million in Commercial Property Assessed Clean Energy (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, and historic tax credit equity financing from PNC Bank.

The Monroe has a total project cost of $125.5 million. Scheduled to open in 2027 after a comprehensive renovation, the five-star boutique hotel will feature 15 suites ranging from 488-square-foot junior suites to a 1,257-square-foot presidential suite; a 5,000-square-foot, full-service restaurant and bar; a rooftop bar and event venue with panoramic views of the Faena District; an in-house recording studio; a pool and deck with outdoor dining; private beach service through Boucher Brothers property management company; and a full-service spa and fitness center.

“This was a complex, multisource recapitalization, and completing it required creativity and strong relationships across the capital stack,” Werhane said. “We’re proud to have delivered a structure that positions The Monroe for a successful opening, and we appreciate the sponsor’s trust and partnership throughout the process.”

Located a 10-minute walk north of South Beach, the Faena District was officially designated in 2014 as one of Miami Beach’s most coveted cultural destinations. It is known for its ultraluxury hotels, upscale residences, and thriving arts and fashion scene.

About IPA Capital Markets

IPA Capital Markets is a division of Marcus & Millichap (NYSE: MMI). IPA Capital Markets provides major private and institutional clients with commercial real estate capital markets financing solutions, including debt, mezzanine financing, preferred and joint venture equity, and sponsor equity. For more information, please visit institutionalpropertyadvisors.com/capital-markets.

About Marcus & Millichap, Inc. (NYSE: MMI)

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services, with offices throughout the United States and Canada. Marcus & Millichap closed 8,818 transactions with a sales volume of $50.8 billion in 2025. At year-end, the company had 1,808 investment sales and financing professionals in more than 80 offices providing investment brokerage and financing services to commercial real estate sellers and buyers. For additional information, visit www.MarcusMillichap.com .

View source version on businesswire.com: https://www.businesswire.com/news/home/20260904704037/en/

Gina Relva, VP of Public Relations
Gina.Relva@MarcusMillichap.com

Source: Marcus & Millichap