The Fortress Investment Group has refinanced the Design Center of the Americas (DCOTA) in Dania Beach, Florida. This follows a foreclosure sale involving the previous owner, New York billionaire Charles Cohen. City National Bank of Florida provided a $45 million loan for the 780,000 square foot office and design showroom complex located at 1855 Griffin Road, opposite the I-95.
Over the past two years, Fortress invested approximately $3 million in modernising the campus, which dates back to 1988. Further renovations worth $3 million to $5 million are planned for the coming year. In June, Jamestown was appointed to manage and lease the mixed-use property.
This move comes about five years after the Design Center lost one of its main tenants, online pet retailer Chewy. Chewy occupied approximately 100,000 square feet and relocated to Plantation Pointe. Fortress gained control of the Design Center and the adjacent Le Méridien Dania Beach Hotel in 2024 through a $76 million credit bid. This procedure was part of a broader foreclosure process against Cohen Realty Enterprises, a company founded by Charles Cohen's father, Sherman Cohen, in the 1950s.
In 2022, the New York-based lender had provided a $535 million debt package covering several commercial properties, including Cohen's assets in Dania Beach. The billionaire also personally guaranteed a share of the loan totalling $187 million. A year later, Cohen defaulted on his payment obligations, prompting Fortress to take control of the commercial properties.
The lender also pursued the borrower's personal assets, as Fortress believed the commercial properties were worth less than Cohen owed, as reported by the Wall Street Journal. These assets include a château and winery in the South of France, a 220-foot superyacht, and a collection of Ferraris. Subsequently, Cohen sold several properties in New York.
In June, Cohen announced that he had settled the full debt amount. However, the legal dispute continues, as Cohen has filed a lawsuit seeking to recover $204 million for alleged damages. A representative for Fortress did not comment when asked.
