MIAMI-It turns out the savior of The Shore Club in South Beach from the auction gavel last month were two loans totaling more than $182 million.
The South Beach-based hotel owner—Philips South Beach LLC—secured a $160.5-million first mortgage and a $12-million second mortgage from Fortress Credit Corp. that was serving as an agent for a group of lenders. The loans were made on June 24 and the next day Philips South Beach paid more than $164 million to satisfy a judgment from its prior lender, according to the South Florida Business Journal.
Phillips International of New York City is the majority owner of the 322-room hotel on Collins Avenue here. New York City-based Morgans Hotel Group has a 7% stake in the property. See story in the South Florida Business Journal.
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