B
illionaire Jeffrey Soffer has secured a new $550 million loan for his Aventura resort from Goldman Sachs and J.P. Morgan, the same lenders that provided a $1.2 billion debt for his Fontainebleau Miami Beach hotel. The refinancing replaces a previous $412 million loan from Bank of China New York Branch.
The two financing giants also provided Soffer's Fontainebleau Development with a $975 million commercial mortgage-backed securities loan and a roughly $225 million mezzanine mortgage secured by the Fontainebleau Miami Beach and its adjacent convention center. A Newmark team led by Jordan Roeschlaub and Jonathan Firestone arranged the refinancings.
Soffer acquired full ownership of JW Marriott Miami Turnberry in 2019 after splitting from his family's firm, Turnberry. His company, Fontainebleau Development, also retained ownership of the Fontainebleau Miami Beach. In 2020, British billionaires David and Simon Reuben acquired a 25% stake in the resort.
The refinancing marks Soffer's latest move to secure financing for his properties. He has also developed condo towers, including Turnberry Ocean Club in Sunny Isles Beach, which is currently involved in a lawsuit over alleged construction defects.
