- Fontainebleau Miami Beach secured a $1.2B debt package, including a $975M CMBS loan and $225M in mezzanine debt.
- Owner Jeffrey Soffer also contributed $105M in equity, raising a total of $1.3B for refinancing and upgrades.
- The funds will refinance $1.18B in existing debt, repay a $75M construction loan for a newly opened convention center, and cover $40M in closing costs.
- The historic hotel features 1.6K rooms, 11 pools, nine dining outlets, and 200 KSF of event space.
Fontainebleau Miami Beach has finalized a $1.2B refinancing package arranged by Newmark Group (NMRK), with Goldman Sachs (GS) and JPMorgan Chase (JPM) as lenders.
Big Deal Debt Deal
This debt package includes a $975M CMBS loan and $225M in mezzanine financing, aimed at refinancing $1.18B of existing debt tied to the iconic property on Collins Avenue, Bisnow reported.
Jeffrey Soffer’s Fontainebleau Development contributed $105M in equity, bringing the total capital raised to $1.3B.
These funds will repay a $75M construction loan for a newly opened convention center, cover $40M in closing costs, and support future investment in the historic luxury property, which spans 22 acres and boasts 1.6K rooms, 11 pools, and 200 KSF of meeting space.
Soffer emphasized the importance of reinvestment in maintaining the property’s competitive edge and growing the Fontainebleau brand in new markets.
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Historic Legacy + Modern Upgrades
The Fontainebleau Miami Beach, originally opened in 1952 with a signature curved design by architect Morris Lapidus, has undergone extensive renovations since its acquisition by Turnberry Associates in 2005 for $325M.
Over $650M has been invested in modernizing the property, which remains a premier hospitality destination.
Broader Refinancing Effort
Fontainebleau Development also secured $550M in financing for its JW Marriott Miami Turnberry Resort & Spa. Located on a 270-acre site in Aventura, the resort features 685 rooms, two golf courses, a waterpark, and 120 KSF of event space.
Newmark’s global debt and structured finance team led the financing efforts. “These transactions highlight the confidence institutional capital has in best-in-class assets and operators in this dynamic region,” said Jordan Roeschlaub of Newmark.
The Fontainebleau Miami Beach refinancing deal underscores the enduring appeal of South Florida’s luxury hospitality sector and the continued confidence of institutional lenders in the region.
