Jeffrey Soffer scores $1.2B refi of Fontainebleau Miami Beach

Goldman Sachs, Morgan Stanley and JP Morgan provided the fixed-rate loan

Miami /
Nov.November 11, 2019 01:30 PM
Jeffrey Soffer and Fontainebleau Miami Beach

Jeffrey Soffer and 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.

Goldman Sachs, Morgan Stanley and JP Morgan provided the fixed-rate loan for the nearly 1,600-key hotel at 4441 Collins Avenue, according to a press release from Newmark Knight Frank. The Commercial Observer first reported the refinancing.

Newmark Knight Frank’s Dustin Stolly and Jordan Roeschlaub represented the hotel owner, Soffer’s Fontainebleau Development.

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.

In March, Soffer split from Turnberry to form Fontainebleau Development after 25 years of working alongside his sister and company co-CEO Jackie Soffer. Jeffrey Soffer’s new firm is the sole owner of the Fontainebleau, JW Marriott Turnberry Miami, Turnberry Isle Marina, Turnberry Ocean Club and The Big Easy Casino in Hallandale Beach.

The Soffers have refinanced the Fontainebleau property in the past. In December 2013, Turnberry completed a $535 million refinancing led by JP Morgan. That year, the Soffers also regained full control of the hotel after they had previously sold a 50 percent interest to Dubai World.

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.

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. The resort hit the market earlier this year and is expected to trade for up to $1 billion, or $1 million a key.


Related Articles

arrow_forward_ios
Ex-Miami Dolphins defensive end Andre Branch with the $6 million property (Getty, The Jills Zeder Group)
Ex-Miami Dolphins player sells non-waterfront Miami Beach home for $6M
Ex-Miami Dolphins player sells non-waterfront Miami Beach home for $6M
Renderings of 3017 Flamingo Drive and Andrew Lessman (D/Vice Inc., ProCaps Laboratories)
Vitamin mogul Andrew Lessman wins approval to build Miami Beach mansion
Vitamin mogul Andrew Lessman wins approval to build Miami Beach mansion
After the construction of Eighty Seven Park (Google Maps)
Before Surfside tragedy, neighboring tower faced opposition, delays over construction impact
Before Surfside tragedy, neighboring tower faced opposition, delays over construction impact
AIMCO founder Terry Considine and a rendering of the Grand Flamingo tower
Miami Beach board rejects Aimco’s proposal for Grand Flamingo tower
Miami Beach board rejects Aimco’s proposal for Grand Flamingo tower
Jennifer Valoppi and Christian de Berdouare with 5004 North Bay Road (Getty, LPG/Douglas Elliman)
Flying the coop: Chicken Kitchen owner sells waterfront Miami Beach spec mansion for $30M
Flying the coop: Chicken Kitchen owner sells waterfront Miami Beach spec mansion for $30M
(Facebook via Hotel Astor Miami Beach)
Shuttered Hotel Astor in Miami Beach gets a new owner
Shuttered Hotel Astor in Miami Beach gets a new owner
Miami allegedly granted improper height increase for Design District hotel project: lawsuit
Miami allegedly granted improper height increase for Design District hotel project: lawsuit
Miami allegedly granted improper height increase for Design District hotel project: lawsuit
The Fairwind Hotel and Joseph Chetrit (Getty, Fairwind)
Chetrit Group sells Miami Beach hotel for $42M
Chetrit Group sells Miami Beach hotel for $42M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...