Driftwood Capital, a vertically integrated commercial real estate firm, has provided $34.8 million in mezzanine financing for the refinancing of the Miami Airport Marriott Connection, a Marriott-branded complex with three hotels near Miami International Airport. Through its lending fund, Driftwood Lending Partners, the firm provided financing to an affiliate of Cerberus Capital Management and Highgate.
Driftwood originated a two-year loan with three one-year extension options at a competitive interest rate.
The loan collateral is comprised of a 371-key full-service Marriott, a 301-key Courtyard by Marriott and a 164-key Residence Inn by Marriott. The portfolio of properties is near major entertainment, dining, and transit corridors such as State Road 836 (the Dolphin Expressway) and fewer than 10 minutes from Miami International Airport.
“As owner/operators continue navigating capital markets, Driftwood is proud to step in and serve as a source of financing that firms in the hotel industry can rely on,” said Carlos Rodriguez Sr., chairman & CEO of Driftwood Capital. “The origination of this loan speaks to the level of knowledge and experience exercised by our team to support high-quality assets in outperforming markets.”
Since the Fund’s launch in late 2020, DLP has participated in more than $1.4 billion in financing for hotels and sponsors across the country. The Fund focuses on providing mezzanine loans and preferred equity for existing hospitality assets as well as ground-up hotel development projects in the United States.