The Real Deal Miami

Fontainebleau sibling’s financing cut off

April 24, 2009 11:57AM

Lenders turned off the financing tap on the Fontainebleau Las Vegas, endangering construction of the biggest real estate project in the Soffer family’s portfolio, an expansion of the Fontainebleau Miami Beach brand. The Vegas Fontainebleau sued Bank of America and JP Morgan Chase, claiming the withheld funds endanger completion of the project. The hotel is slated to open this autumn. Turnberry Associates, the Soffer family construction arm, said the Miami Beach property is unaffected.