Fontainebleau Miami Beach Secures $1.18 Billion Refi
The refinancing deal was announced by Newmark Knight Frank. The fixed-rate loan was provided by Goldman Sachs, Morgan Stanley and JP Morgan.
MIAMI BEACH, FL—Fontainebleau Development has closed on a fixed rate loan totaling $1.175 billion for its iconic Fontainebleau Miami Beach hotel resort property here.
The refinancing deal was announced by Newmark Knight Frank. The fixed-rate loan was provided by Goldman Sachs, Morgan Stanley and JP Morgan. Newmark Knight Frank vice chairmen and co-heads of debt & structured finance Dustin Stolly and Jordan Roeschlaub, along with Nick Scribani, Chris Kramer, Brett Wilburn and John Gallagher, worked with Fontainebleau Development to secure the refinancing loan funding.
The Fontainebleau is a 1,594-key, AAA Four Diamond beachfront luxury hotel and resort designed by Morris Lapidus. The property, which is located on more than 15 acres of oceanfront in Miami, features 11 pools, a 40,000-square-foot spa and 12 food and beverage venues, including the LIV night club.
The Fontainebleau is comprised of four unique towers, the curved Chateau Tower, the Versailles Tower, the Sorrento Tower and the Tresor Tower. The landmarked Chateau and Versailles buildings are the newly renovated hotel buildings comprised of 846 rooms, with the Tresor and Sorrento buildings comprised of 748 condo hotel units.
Back in September, Fontainebleau Development secured a $460-million floating rate loan for the refinance of its 54-story Turnberry Ocean Club condominium tower in Sunny Islesm FL.
Newmark Knight Frank arranged the loan with JP Morgan and Mack.
Fontainebleau Development’s portfolio includes properties in the hospitality, residential, retail and luxury services sectors including premiere assets in addition to the Fontainebleau Miami Beach, such as the JW Marriott Turnberry Resort & Spa, the JW Marriott Nashville, Hilton Downtown Nashville, SoLeMia Miami and numerous residential landmarks such as Turnberry Ocean Club, Turnberry Ocean Colony, Porto Vita and Tresor and Sorrento Towers at Fontainebleau Miami Beach. Luxury services include Fontainebleau Aviation, Turnberry Marina, Turnberry Isle Country Club and high grossing food, beverage and wellness destinations.