Bonds
Fontainebleau Miami Beach Borrows $975 Million in Bond Market
- Debt is part of a larger $1.2 billion refinancing package
- Goldman Sachs, JPMorgan led the bond sale to investors
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Luxury hotel Fontainebleau Miami Beach sold a $975 million commercial mortgage-backed security to refinance debt.
The CMBS is part of a broader $1.2 billion debt package that includes a mezzanine loan of as much as $225 million. The almost 1,600-room hotel is also expected to get a $105 million equity infusion from Jeffrey Soffer, the indirect majority owner of the hotel, marking the total money raised to about $1.3 billion, according to deal documents.