Jeffrey Soffer and Barry Sternlicht Land $104M for Oceanfront Condo in South Florida

Jeffrey Soffer’s Fontainebleau Development and Barry Sternlicht’s Starwood Capital Group have secured $104 million in debt for an oceanfront condo project in Tequesta, Fla. 

BDT & MSD Partners took over a loan issued in 2022 with now just over $74 million in outstanding debt and increased it by about $29 million, according to public documents. The debt covers a 5.4-acre site at 250 and 300 Beach Road, near Cato’s Bridge, across the Intracoastal Waterway from the town of Jupiter. 

Last year, the developers launched sales for 1 Homes Jupiter Island, a 26-unit, 10-story luxury condo development, with prices ranging from $11 million to $27 million. 

It’s unclear whether the recent debt will fund the construction. Representatives for Fontainebleau Development and BDT & MSD Partners did not immediately respond to requests for comment. 

Between 2021 and 2022, Fontainebleau Development and partner Phil Perko of Perko Development bought out two existing condo buildings on the property, which were built in the 1960s, paying a combined $130 million. In 2022, the billionaire Reuben Brothers’ Motcomb Estates provided an $80.5 million loan. 

Besides the 26-unit development, local officials have also approved redevelopment plans for another 10-story building on the site, this time with 34 units. 

Fontainebleau Development is familiar with the area. Up the road, it completed another 10-story building, the 21-unit SeaGlass Jupiter Island, in 2022, with a $169 million reported sellout. 

Julia Echikson can be reached at jechikson@commercialobserver.com.