Jeffrey Soffer’s Fontainebleau Development refinanced its JW Marriott-branded resort in Aventura’s Turnberry Isle with a $412 million loan.
Bank of China New York Branch is financing the Fontainebleau affiliate that owns the JW Marriott Miami Turnberry Resort Hotel & Spa at 19999 West Country Club Drive, records show. The loan refinanced $339.5 million in debt, while tacking on another $72.6 million.
Dustin Stolly and Jordan Roeschlaub with Newmark arranged the financing.
It’s the third loan increase Bank of China has granted the Fontainebleau affiliate since 2017 when the financial institution assumed the mortgage from Wells Fargo Bank, records show. That year, the debt rose to $248.8 million from $112 million. In 2019, Bank of China increased the loan by another $91 million.
The initial loan was for Turnberry resort’s $175 million renovations and expansion project that was completed in 2018. The borrower at that time was Turnberry Associates, the Soffer family enterprise that Soffer co-led with his sister Jackie Soffer until 2019 when he departed to launch Fontainebleau Development. The siblings are still partners in the Turnberry resort. In 2020, British billionaires David and Simon Reuben bought a 25 percent stake in the property.
Previously known as Turnberry Isle Miami, the resort was rebranded under the JW Marriott flag as part of the renovation. The 398-room hotel was expanded with the addition of a 16-story tower with 282 rooms. The project, designed by Nichols, Brosch, Wurst, Wolfe and Associates, also added 110,000 square feet of meeting space and upgrades to the pool, front driveway and main lobby and building.