Miami Condo Market and Lifestyle Updates
Fontainebleau Miami Beach owners get $535M refinancing

Fontainebleau Miami Beach owners get $535M refinancing

by Sep Niakan | December 17, 2013

Fontainebleau Miami Beach


The Jeffrey Soffer-led ownership of Fontainebleau Miami Beach has completed a $535 million refinancing that includes $123 million in fresh capital, The Real Deal has learned.

Billionaire Soffer, CEO of Aventura-based Turnberry Associates, and his partners on the nearly 1,600-room resort obtained the refinancing on Dec. 6, according to Miami-Dade County records. The county recorded the transaction on Friday.

JPMorgan Chase Bank is identified in mortgage documents as the new lead lender. A separate mortgage assignment transferring the note from a commercial mortgage-backed securities trust led by Citibank to JPMorgan was also recorded. A $412 million mortgage secured by the 4441 Collins Avenue resort was sold to CMBS investors in April 2012.

Bloomberg reported in October that Soffer was looking for an $850 million mortgage to refinance existing debt and acquire Dubai World’s 50 percent stake in the resort.

Designed by prominent architect Morris Lapidus, the Fontainebleau first opened in 1954, according to the resort’s website. The owners spent $1 billion on a 2008 renovation of the 20-acre oceanfront resort. The Fontainebleau currently has 12 restaurants and bars, two nightclubs — including the popular LIV — and a 40,000-square-foot spa.

Soffer, who is married to to supermodel Elle Macpherson, currently faces a $100 million wrongful death lawsuit over a tragic helicopter accident in the Bahamas. The suit accuses Soffer of piloting the helicopter when it crashed at the Baker’s Bay Golf & Ocean Club in Great Guana Cay in November 2012. His friend, attorney Lance Valdez, was killed in the crash.



Recent posts


7 Must-Do Pre-Halloween Events

by Sep Niakan | October 13, 2016

I know Halloween’s around the corner and it’s a given it will be the highlight of everyone’s social calendar. Miami’s Fall calendar is full of exciting events and here’s the low-down on how you can enjoy the run up to...

Real Estate News

With Approved 960-Foot Brickell Market Place, a Headache for Brickell Heights?

by Sep Niakan | September 27, 2016

Claro Development’s latest at 10 SW 8th Street is going to be a tall order, literally! Fresh-approved by the FAA, the Brickell Market Place is set to rise up to 954 feet above ground, or 960 feet above sea level. Approved after a seven-month...

Real Estate News

An Edgewater Miami Hotel Joins the Micro-unit “Tiny Homes” Trend

by Sep Niakan | September 26, 2016

Come year-end, Miami’s Edgewater neighborhood will be home to one of Best Western International’s first boutique hotel brand offerings - Vib. Best Western’s chosen only 20 key urban markets (including Miami) across North America to...

Real Estate News

Skyrise Miami: Future Tourist Destination and Hard Pill to Swallow for Miami Locals

by Sep Niakan | September 23, 2016

The Berkowitz Development Group, describes SkyRise as their “abstract version of the Statue of Liberty”. Approved in 2014, this R-shaped structure is being built in tandem with the revitalization of Bayside Marketplace. The tower will be...