BMI X YOCO Vodka Host Pre-Show Poolside Mixer For 2022 BMI R&B/ Hip-Hop Awards At the Fontainebleau Miami Beach

On September 6, Celebrities and VIP guests celebrated the 2022 BMI R&B/Hip-Hop Awards with an exclusive Pre Show Poolside Mixer presented by YoCo Vodka at La Côte at Fontainebleau Miami Beach. The evening also toasted to YoCo Vodka’s expansion into the Florida market. Guests including Polow Da Don, Catherine Brewton, 6Lack, Vale Genta, Sebastian Genta, ATL Jacob, PopLord, Euro Got It, Terry Elliot, Sr., Sonny Digital, Ink and many more, who enjoyed YoCo Vodka specialty cocktails while listening to DJ Zim throughout the evening while overlooking the Atlantic Ocean.

YoCo® Vodka was founded by renowned music producer Polow Da Don and is all-natural, gluten-free, made from corn, and uses activated carbon to create the best tasting, ultra-smooth vodka. Developed to provide once-in-a-lifetime experiences, YoCo® Vodka intends to build a deeper connection between a consumer’s lifestyle with music and cultural events.

2022 BMI R&B/Hip-Hop Awards held at LIV Nightclub Miami Beach paid tribute to the best in R&B and Hip-Hop. Busta Rhymes was honored as the BMI Icon for the indelible and unique influence that he has had on the music industry and on generations of music creators. In addition, BMI’s R&B/Hip-Hop Producer of the Year, Song of the Year, Songwriter of the Year, Publisher of the Year and BMI’s top 35 most-performed pop songs in the U.S. of the previous year were also announced.

Images via Prince Williams / @atlpics

Fontainebleau Miami Beach Exits Special Servicing On $975 Million CMBS Loan

Jeffrey Soffer’s Fontainebleau Miami Beach has exited special servicing on its $975 million commercial mortgage-backed security loan (CMBS). When issued in November 2019, the loan was the largest CMBS hotel loan in South Florida. The loan entered special servicing on March 30 amid the onset of the COVID-19 pandemic and following a modification request. The loan was returned to its master servicer on September 23 and payments reportedly remained current throughout the special servicing period, although as part of a forbearance agreement monthly reserve payments have been deferred to 2021; additionally, the hotel’s 2020 financials will not be used when calculating the property’s debt yield.

CMBS loans, which are secured by a mortgage on a commercial real estate property, are among the hardest to restructure as under the typical CMBS structure. A loan is transferred into a CMBS pool and a Master Servicer administers the loan. The Master Servicer is generally not permitted to enter into a loan modification or restructuring agreement and a Special Servicer is needed to potentially modify or restructure an individual loan in a CMBS pool. When loans are in special servicing the borrower cannot take out new debt or refinance their property.

South Florida’s hotels have bit hit with some of the hardest economic impact from COVID-19 where the industry must meet nearly $4.2 billion in CMBS payments. Miami Beach hotels, motels and short-term rentals were ordered shut on March 23 and have laid off thousands of employees. Fontainebleau Development also owns the JW Marriott Turnberry Miami, Turnberry Isle Marina, Turnberry Ocean Club and The Big Easy Casino in Hallandale Beach.

The Fontainebleau Miami Beach opened in 1954 and was designed by architect Morris Lapidus. The property spans more than 15 acres with 11 pools, a 40,000 SF spa, and 12 different restaurants and bars including Hakkasan and LIV Nightclub. The hotel is made up of four towers including the Chateau and Versailles towers with 846 hotel rooms as well as the Tresor and Sorrento towers with 748 condo-hotel units. It was acquired by Turnberry Associates for $325 million in 2005.

Fontainebleau Miami Beach's $975 Million CMBS Loan Entered Special Servicing March 30

The $975 million commercial mortgage-backed security loan (CMBS) issued in November 2019 for the 846-room Fontainebleau Miami Beach, located at 4441 Collins Ave., entered special servicing on March 30. When issued the loan was the largest CMBS hotel loan in South Florida. Fontainebleau Development is reportedly in talks with its loan Master Servicer and Special Servicer to modify the loan terms and documents and was not behind on any payments. CMBS loans, which are secured by a mortgage on a commercial real estate property, are among the hardest to restructure as under the typical CMBS structure. A loan is transferred into a CMBS pool and a Master Servicer administers the loan. The Master Servicer is generally not permitted to enter into a loan modification or restructuring agreement and a Special Servicer is needed to potentially modify or restructure an individual loan in a CMBS pool. When loans are in special servicing the borrower cannot take out new debt or refinance their property.

South Florida’s hotels have bit hit with some of the hardest economic impact from COVID-19 where the industry must meet nearly $4.2 billion in CMBS payments. Miami Beach hotels, motels and short-term rentals were ordered shut on March 23 and have laid off thousands of employees. Fontainebleau Development also owns the JW Marriott Turnberry Miami, Turnberry Isle Marina, Turnberry Ocean Club and The Big Easy Casino in Hallandale Beach.

The Fontainebleau Miami Beach opened in 1954 and was designed by architect Morris Lapidus. The property spans more than 15 acres with 11 pools, a 40,000 SF spa, and 12 different restaurants and bars including Hakkasan and LIV Nightclub. The hotel is made up of four towers including the Chateau and Versailles towers with 846 hotel rooms as well as the Tresor and Sorrento towers with 748 condo-hotel units. It was first acquired by Turnberry Associates for $325 million in 2005.

Award-Winning, Renowned Architecture Firm, Nichols Brosch Wurst Wolfe & Associates, Inc. (NBWW), Celebrates its 50th Anniversary

Nichols Brosch Wurst Wolfe & Associates, Inc. (NBWW), an award-winning, renowned architecture firm that has played a key role in the design and restoration of many of Miami's most iconic and legendary properties, will celebrate its 50th anniversary this year. NBWW has long been a leader in South Florida hotel design ever since designing Grand Bay in the Grove, the first five start hotel in South Florida. Since the have been involved in over $5 billion of both new construction and renovation along with over 300 hotels including the Fontainebleau, The Loews Miami Beach Hotel, Eden Roc, Miami Beach EDITION and the DiLido. NBWW has served as the architect for the W Hotel in Miami Beach, the Diplomat Resort and Convention Center in Hollywood, the Hilton West Palm Beach Convention Center Hotel, the Auberge Beach Residences & Spa in Fort Lauderdale, and the 3-block Metropolitan Miami in Downtown Miami that includes the Marriott Marquis and Wells Fargo office building.

Across the bay, NBWW has also been a major player in the evolution of Miami's skyline including designing award-winning JP Morgan office building at 1450 Brickell. They also designed building that are currently under-construction or coming soon such as Metropolis and Marriott Marquis Miami Worldcenter Hotel & Expo. In Coral Gables, NBWW's Mediterranean revival style they used for the Hyatt Regency Hotel, now serves as the guideline ordinances for most of the city's planning. 

“We are thrilled to celebrate such a momentous milestone, as our firm continues to evolve and transform. From our team to our clients, we value every person who has  contributed  to  the  success  of  NBWW.  Along  with  partners  Bruce  Brosch,  Jim  Wurst,  Don  Wolfe,  Igor Reyes and Patrick Busteed, the firm continues to build on its esteemed reputation within the industry,” said John Nichols, CEO and Founder of NBWW. “We’ve  had  the  unique  opportunity  to  serve  our  community  in  exciting  and impactful  ways  over  the  past five  decades  and  we  look  forward  to  forging  new  partnerships  and  collaborations  in  the  years  to  come. If the past 50 years are any indication of the next 50, we have very exciting opportunities and growth on the horizon.”

New projects for NBWW include the 1,700-room Marriott Marquis Hotel and Convention Center in Downtown Miami which will be part of the future Miami Worldcenter development; the  500-room JW Marriott Hotel and Conference Center in Tampa Bay; and a 230-room hotel for the National World War II Museum in the historic district of New Orleans. The firm also announced its partnership with HOPE South Florida, a non-profit organization that provides crisis and rapid re-housing  assistance  to  homeless  families,  veterans  and  individuals.  Through this  collaboration,  NBWW will design an all-inclusive family center in Fort Lauderdale, which will offer assessment for housing, case management, employment, health screening and child care. On the west coast of Florida, projects include the Opal Sands Resort and the Wyndham Grand in Clearwater Beach, the Westin Hotel/VUE Residences in Sarasota, and the Marriott Waterside Convention Hotel in Tampa. In 2016, NBWW officially expanded its services into the Latin American market as it announced astrategic alliance with Alberto Reifer & Arquitectos, a  boutique architecture firm based in San Jose, Costa Rica.

“Throughout the years, we have had the privilege of working on projects across South Florida, the U.S. and Latin  America,  further  expanding  our  knowledge  and  experience. We  are  excited  to  see what the future will bring, as we continue our steady growth across these international markets,” finished Nichols. Enjoy the photo tour of some of NBWW's most iconic designs.