The owners of two South Florida hotels closed on major refinancings of their properties, records show.
JW Marriott Miami Turnberry Resort & Spa | Total loan: $340M
TB Isle Resort LP, led by developer Jeffrey Soffer, received $91 million in financing for the JW Marriott Miami Turnberry Resort & Spa from the Bank of China, boosting its loan to $340 million. The 300-acre property, at 19999 West Country Club Drive, rebranded as a JW Marriott and went through a major renovation and expansion.
The $340 million loan includes $248.9 million in financing that was secured in 2017.
The $175 million expansion, designed by Nichols, Brosch, Wurst, Wolfe and Associates, was completed last year and added 110,000 square feet of meeting space and upgrades to the pool, front driveway and main lobby and building.
The now 680-room hotel includes a new 16-story tower with 282 rooms. An affiliate of Turnberry Associates, led by Soffer and his sister Jackie, owned the resort, but the siblings announced in March that they were splitting up to pursue their own business interests. Turnberry Isle is among the properties that Jeffrey Soffer took over.
As part of the split, Jackie Soffer kept the Turnberry Associates brand as CEO and chairman, and is the principal owner of Aventura Mall and Town Center Aventura. Jeffrey Soffer heads a separate company, Aventura-based Fontainebleau Development, and owns the Fontainebleau Miami Beach and Turnberry Ocean Club Residences. The two will continue to share ownership and oversight of the JW Marriott – Nashville, Hilton Downtown Nashville and Fontainebleau Aviation.
Jordan Roeschlaub and Dustin Stolly of Newmark Knight Frank brokered the debt deal along with Chris Haynes from Broadacre Financial.
Shore Club | Total loan: $182M
HFZ Capital Group boosted its loan for Shore Club by $40 million to $182 million. The 309-key hotel is at 1901 Collins Avenue in Miami Beach. Inbursa, a Mexican bank, is the lender.
HFZ, led by chairman and founder Ziel Feldman, previously canceled a luxury condo project planned for the historic property. The 67-unit development, called Fasano Residences Miami Beach, didn’t make it to a groundbreaking, and ended up returning deposits to buyers by late 2017.
HFZ’s Shore Club Property Owner LLC paid $175.3 million for the hotel in late 2013, according to property records. The hotel, in need of renovations, has been managed by Sbe since the company acquired Morgans Hotel Group in 2016.
HFZ could not immediately be reached for comment.