Fontainebleau’s $1B loan enters special servicing
The superstar of Miami Beach’s glittery party scene is feeling the strain of the coronavirus crisis.
The Fontainebleau Miami Beach’s $975 million commercial mortgage-backed securities loan has entered special serving, according to published reports.
Commercial Real Estate Direct first reported the news.
According to The Real Deal, the Fontainebleau is in talks with lenders and bondholders.
The special servicer status “by no means should be interpreted as our loan being in default or that we are behind on any payment,” wrote Brett Mufson, president of Fontainebleau Development, in an email to The Real Deal.
The Fontainbleau resort is run by Jeffrey Soffer, scion of legendary Miami developer Don Soffer. Late last year, Jeffrey and his sister, Jackie Soffer, split their holdings
Jeffrey is the sole owner of the Fontainebleau, JW Marriott Turnberry Miami, Turnberry Isle Marina, Turnberry Ocean Club and The Big Easy Casino in Hallandale Beach (formerly known as Mardi Gras Casino).
Jackie Soffer is chairman and CEO of Turnberry, the development firm launched 50 years ago by their father, Donald Soffer, and principal owner of Aventura Mall and the Town Center Aventura. She also owns three hotels in Aventura — Residence Inn by Marriott, Courtyard by Marriott and Hampton Inn — along with hotels in Orlando and Nashville, and is developing an 800-key Miami Beach Convention Center hotel in partnership with Terra Group and David Martin.
This story was updated to correct the name of Jackie Soffer’s company and its holdings.
This story was originally published April 22, 2020 at 7:41 AM.
