Jeffrey Soffer scores $550M refi for JW Marriott Miami Turnberry Resort & Spa

Billionaire Jeffrey Soffer has continued his refinancing momentum, securing a $550 million loan for his JW Marriott Miami Turnberry Resort & Spa in Aventura. According to a press release, the financing, provided by Goldman Sachs and J.P. Morgan, replaces a prior $412 million loan from the Bank of China New York Branch.

This latest deal follows another significant refinancing effort by Soffer’s Fontainebleau Development. Earlier, the same lenders provided a $975 million commercial mortgage-backed securities loan and a $225 million mezzanine mortgage for the Fontainebleau Miami Beach. These loans are secured by the iconic oceanfront hotel, its 1,594 rooms, and a recently completed convention center.

Newmark, a real estate advisory firm, arranged both refinancing deals, with Jordan Roeschlaub and Jonathan Firestone leading the effort. Notably, Newmark also handled a 2022 refinancing for the JW Marriott Miami Turnberry, when a $339.5 million loan was replaced and supplemented with an additional $72.6 million.

Soffer, who gained full ownership of the JW Marriott Miami Turnberry in 2019 after parting ways with Turnberry, the family-founded firm, has invested significantly in the property. His firm undertook a $300 million renovation and expansion, adding a 16-story, 282-room tower to the 270-acre resort. The property now boasts 685 rooms, two golf courses, a waterpark, six restaurants, a spa, and a country club. That same year, British billionaires David and Simon Reuben acquired a 25% stake in the resort.

Soffer’s Fontainebleau Development also retains full ownership of the Fontainebleau Miami Beach, further cementing his footprint in luxury hospitality. Outside of hotels, Soffer develops high-end condominium projects. However, one such project, the Turnberry Ocean Club in Sunny Isles Beach, is currently embroiled in a lawsuit over alleged construction defects. The condo association filed the lawsuit against Fontainebleau Development and its contractors in April, with the case pending in Miami-Dade Circuit Court.