Fontainebleau Development’s Jeffrey Soffer and PowerHouse Marina at 13255 Biscayne Boulevard (Fontainebleau Growth, Google Maps, Getty)
Jeffrey Soffer’s Fontainebleau Improvement picked up a North Miami marina for $10.1 million, extra than $9 million above the property’s past sale price tag 27 yrs back.
An affiliate of Aventura-primarily based Fontainebleau obtained PowerHouse Marina at 13255 Biscayne Boulevard, documents demonstrate. The seller, an entity led by David A. Marcus, ordered the 1-acre web site for $912,500 in 1995. A almost 10,000-square-foot, two-tale setting up and 12 slips have been concluded in 1967, information exhibit. The assets also has a boat restore yard.
PowerHouse Marina has been in operation because 1980 and sits on a canal coming into Biscayne Bay, according to the company’s internet site.
Soffer, Fontainebleau’s billionaire chairman and CEO, and President Brett Mufson did not immediately return a telephone call looking for comment on whether the business programs to redevelop PowerHouse. Fontainebleau also owns and operates Turnberry Marina, a 68-slip facility in Aventura that can accommodate vessels up to 160 toes in duration, in accordance to the firm’s web-site.
Last month, Fontainebleau compensated approximately $100 million for all the units at Regency Condominium, a 53-yr-old beachfront condo creating in Tequesta. Motcomb Estates, an investment motor vehicle for billionaire brothers Simon and David Reuben provided an $80.5 million mortgage for the bulk rental acquisition. The Reuben brothers have formerly labored with Soffer and have a 25 percent stake in Fontainebleau’s JW Marriott branded lodge in Aventura.Fontainebleau a short while ago submitted designs to demolish the eight-story oceanfront Tequesta developing with 40 units and change it with a 10-story condominium with 34 luxurious units, in accordance to published experiences.
Also past month, Fontainebleau refinanced the JW Marriott Miami Turnberry Resort Hotel & Spa with a Lender of China New York financial loan. The loan refinanced $339.5 million in credit card debt, though introducing another $72.6 million, data clearly show.
Lender of China has elevated the loan a few occasions since assuming the property finance loan from Wells Fargo Bank in 2017.
In February, Soffer’s next attempt to acquire the oceanfront Diplomat Seashore Resort in Hollywood failed. His company experienced planned to shell out $850 million to order the 1,000-place hotel from Brookfield Home Companions. The resort ranks as the 2nd premier in South Florida, just after Fontainebleau Development’s Fontainebleau Miami Seaside.
