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 Reveals New Renderings Of NBWW-Designed Addition

Jeffrey Soffer’s Fontainebleau Miami Beach has revealed its proposed Nichols Brosch Wurst Wolfe-designed expansion across the street at 4360 Collins Ave, which is currently a surface parking lot. The buildings would be connected via a 90’-long pedestrian sky bridge that would cross West 44th Street. The addition would rise 5-stories and would feature convention space including two levels of ballrooms, a rooftop deck and three floors of parking offering 500 parking spaces. The parking lot to be developed at 4360 Collins Ave. was acquired by Soffer in 2005 for $15 million, the same year his family acquired the Fontainebleau Miami Beach hotel.

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 before undergoing a $650 million gut-renovation.

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.