Jeffrey Soffer and Brett Mufson

Talk about bringing the Miami heat. 

At a time when finding new financing is like finding a needle in a haystack, Fontainebleau Development managed to lock down a $2.2 billion construction loan for Fontainebleau Las Vegas, its 9 million-square-foot hotel and gaming project in Sin City. 

Company President Brett Mufson describes the December closing as a testament to the company’s brand, track record, business plan and team. “When you have all those factors aligned, lending partners can move ahead and look beyond the current macro environment,” Mufson said. 

All those pluses are rooted deep in the firm’s extensive Miami footprint. With Jeffrey Soffer at the helm, its diversified portfolio runs from residential to construction to gaming to aviation projects, although its name is perhaps most widely associated with its collection of landmark hospitality assets such as Fontainebleau Miami Beach and JW Marriott Miami Turnberry Resort & Spa. 

“Our hotels are outperforming and doing the best they’ve ever done,” Mufson said, adding that the firm has been rebranding and refreshing the Fontainebleau’s food and beverage components, rooms and even the staff’s uniforms. 

Elsewhere in South Florida, the firm has made headlines this past year. In September, it bought Powerhouse Marina for $10.1 million, according to The Real Deal; and, a month earlier, the firm paid $100 million for a Jupiter condo building. The latter acquisition marks Fontainebleau’s third condo project in the area, with SeaGlass Jupiter Island now complete — and sold out, per TRD — and the developer’s Savoy Residences also in the works. Fontainebleau is also planning a redevelopment of the Big Easy Casino in Hallandale Beach, Fla., Mufson said. 

Whether a move to Las Vegas is in the cards for Mufson, who was named president and CEO of Fontainebleau Las Vegas in January, remains to be seen. “I’ll have to negotiate with my family first,” he said. 

“Miami just continues to evolve,” Mufson said of his current homebase. “There are a lot of new industries and an enormous amount of new jobs here, and as a result Miami has gotten a lot more diversified, and will forever be changed. There has been this fundamental change and shift recently that I think we will really see the fruits of over the next decade or so. The infrastructure is still a concern of mine, but the lifestyle is hard to beat and it’s a great place to live.” —C.C.