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MSD Capital refinancing Boca Raton resort. New York City-based MSD Capital is refinancing the 1,047-key Boca Raton Resort & Club in Florida with a $1 billion CMBS loan, according to multiple sources. Most of the two-year CMBS securities loan will be used to pay existing debt, with $64.6 million being returned in equity to the borrower, and the rest will be used for closing costs. The transaction is expected to close on August 22. Michael Dell's MSD Capital paid $875 million for the property in 2019.