Jeffrey Soffer scores $1.2B refi of Fontainebleau Miami Beach
Jeffrey Soffer closed on a $1.175 billion refinancing of the Fontainebleau Miami Beach, marking the latest restructuring of debt for the beachfront resort.
Jeffrey Soffer and Fontainebleau Miami Beach via The Real Deal
Jeffrey Soffer closed on a $1.175 billion refinancing of the Fontainebleau Miami Beach, marking the latest restructuring of debt for the beachfront resort.
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The Soffer family-led Turnberry Associates paid $325 million for the Fontainebleau Miami Beach in 2005 and paid another $15 million for a nearby lot where an expansion is planned. Turnberry then spent $650 million on gutting and renovating the 1954 historic hotel, which ranks as the largest hotel in Miami-Dade County.
Designed by architect Morris Lapidus, the Fontainebleau sits on more than 15 acres of land with 11 pools, a 40,000-square-foot spa, and 12 food and beverage venues. The hotel is made up of four towers: the Chateau and Versailles buildings with 846 hotel rooms and the Tresor and Sorrento buildings with 748 condo-hotel units, designed by NBWW Architects.
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In June, Jeffrey Soffer received $91 million in financing for the JW Marriott Miami Turnberry Resort & Spa from the Bank of China, boosting its loan to $340 million for the Aventura resort, also designed by NBWW.
Soffer is also reportedly in talks to buy the 1,000-room Diplomat Beach Resort in Hollywood from Brookfield Asset Management’s Thayer Lodging Group.
Read on >>>> Source: The Real Deal Jeffrey Soffer scores $1.2B refi of Fontainebleau Miami Beach