Goldman Sachs Leading $1.2B CMBS Refi for Fontainebleau Miami


Jeffrey Soffer’s Fontainebleau Development has landed a $1.2 billion refinance for the Fontainebleau Miami Beach, sources told Commercial Observer. 

Goldman Sachs is leading the five-year, fixed-rate financing, with Morgan Stanley and J.P. Morgan also participating in the transaction. 

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The deal is said to be closing today. 

The luxury oceanfront resort, at 4441 Collins Avenue between 43rd and 44th streets in Miami Beach, comprises 846 guest rooms and 748 condominium-hotel units.

Commercial Mortgage Alert first reported in September that a roughly $1.15 billion loan was being sought, with Newmark Knight Frank’s debt and equity team pitching the deal. 

Sources told CO that NKF’s Dustin Stolly, Jordan Roeschlaub, Nick Scribani, Chris Kramer and Brett Wilburn negotiated the behemoth refinance. Officials at the brokerage declined to confirm or comment. 

Soffer’s family acquired the Morris Lapidus-designed trophy asset in 2005 for $165 million. A landmark since its debut in 1954, the 22-acre property features signature restaurants, two chic nightclubs, a two-story, 40,000-square-foot spa, swimming pools and state-of-the-art conference and event facilities.

Last month, The Real Deal reported that Soffer was planning on expanding the iconic resort by way of a new building that would house ballrooms and a 500-space parking garage. 

Other properties under the Fontainebleau Development umbrella include the JW Marriott Turnberry Miami, Turnberry Ocean Club, Hilton Nashville Downtown and the Courtyard by Marriott Boston Downtown. 

In September, J.P. Morgan and Mack Real Estate Credit Strategies provided a $460 million refinance of the Turnberry Ocean Club, as first reported by CO.

Officials at Fontainebleau didn’t immediately return a request for comment, nor did officials at Morgan Stanley. Officials at J.P. Morgan and Goldman Sachs declined to comment.