Jeffrey Soffer secures $1.2B refi of Fontainebleau Miami Beach
Jeffrey Soffer settled on a $1.175 billion refinancing of the Fontainebleau Miami Beach, making the amount the latest contribution to restructuring the debt of the beachfront resort. Goldman Sachs, JP Morgan, and Morgan Stanley granted the fixed-rate loan, according to a press release from Newmark Knight Frank.
The Soffer family-led Turnberry Associates spent $325 million for the nearly 1,600-key hotel at 4441 Collins Avenue in Miami Beach in 2005. They spent another $15 million for a nearby lot where an extension is planned. Turnberry also spent $650 million on gutting and renovating the historic hotel.
Designed by architect Morris Lapidus, the Fontainebleau ranks as the largest hotel in Miami-Dade County. The building is located on more than 15 acres of land with 11 pools, a 40,000 square-foot spa, and 12 food and beverage venues.
This year, Soffer cut ties from Turnberry to form Fontainebleau Development after 25 years of managing the company with his sister and company co-CEO Jackie Soffer. Now, Jeffrey Soffer’s new company is the sole owner of the Fontainebleau, Turnberry Ocean Club, Turnberry Isle Marina, JW Marriott Turnberry Miami, and The Big Easy Casino in Hallandale Beach.
Some news affirmed that Soffer is also negotiating to buy the Diplomat Beach Resort in Hollywood from Brookfield Asset Management’s Thayer Lodging Group. The resort with 1,000-room hit the market this year and is assumed to swap for up to $1 billion.