Billionaire Jeffrey Soffer is on a refinancing roll, landing a new $550 million loan for his Aventura resort from the same lenders that provided a $1.2 billion debt for his Miami Beach hotel.
In the latest loan, Goldman Sachs and J.P. Morgan refinanced a previous $412 million loan from Bank of China New York Branch, secured by the JW Marriott Miami Turnberry Resort & Spa at 19999 West Country Club Drive in Aventura, a press release states.
The two financing giants also provided Soffer’s Aventura-based Fontainebleau Development with a $975 million commercial mortgage-backed securities loan and a roughly $225 million mezzanine mortgage secured by the Fontainebleau Miami Beach at 4441 Collins Avenue in Miami Beach and a recently completed convention center adjacent to the 1,594-room oceanfront hotel.
A Newmark team led by Jordan Roeschlaub and Jonathan Firestone arranged the refinancings of both properties, the release states.
Newmark also handled JW Marriott Miami Turnberry’s previous refinancing in 2022 from Bank of China New York Branch. That loan replaced $339.5 million in debt, while adding on another $72.6 million.
In 2019, Soffer acquired full ownership of JW Marriott Miami Turnberry after he splintered off from Turnberry, the Aventura-based firm founded by his father Donald Soffer and that he co-led with his sister Jackie Soffer, who now leads it. Jeffrey Soffer’s firm, Fontainebleau Development, also retained full ownership of the Fontainebleau Miami Beach.
The same year, Fontainebleau Development spent $300 million renovating and expanding the JW Marriott Miami Turnberry with a 16-story, 282-room tower. In 2020, British billionaires David and Simon Reuben acquired a 25 percent stake in the 270-acre resort, which features 685 rooms, two golf courses, six restaurants, a spa, a country club and Tidal Cove Waterpark.
Soffer is also a developer of condo towers. In April, the condo association for Turnberry Ocean Club, a 54-story, 154-unit condominium in Sunny Isles Beach completed in 2020 by Soffer’s firm, sued Fontainebleau Development and its contractors over alleged construction defects. The lawsuit is pending in Miami-Dade Circuit Court.