MIAMI BEACH-The $412-million loan on the Fontainebleau Miami Beach, a 1,594-room resort, was sold on the CMBS market to investors. In the deal, the lead manager was UBS Investment Bank, while Citibank and Wells Fargo acted as the loan trustee and the master servicer, respectively.
The resort sits on approximately 20 acres of land. Istithmar World owns 50% of the Fontainebleau, Miami Investment Associates LLC owns 49% and Fontainebleau Miami JV Member owns 1%. For the full story, go to South Florida Business Journal .
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