Updated Sep 25, 2026
Fontainebleau Development Secures $72.8M Construction Loan For Miami Beach Event Center
4360 Collins Avenue
$72,800,000
Building Size
—
Asset Type
Development Site
Closing
Jul 12, 2023
About this deal
AI
A new event and convention center is set to rise in Miami Beach, thanks to a $72.8 million construction loan from Goldman Sachs Bank. The development site, located at 4360 & 4370 Collins Avenue, is owned by Fontainebleau Development, led by Jeffrey Soffer. The five-story center will be connected to the Fontainebleau Miami Beach hotel and will feature ballrooms, breakout rooms, and a roof deck. It is estimated to be completed in 2025.
Summary of Transaction Details
- Property Type: Development Site
- Loan Amount: $72,800,000
- Loan Type: Construction
- Lender: Goldman Sachs - David M. Solomon
- Landlord: Fontainebleau Development - Jeffrey Soffer
The key individuals and companies involved in this deal are David M. Solomon from Goldman Sachs Bank, who serves as the lender's representative, and Jeffrey Soffer, the owner of Fontainebleau Development. This collaboration between the lender and the landlord will bring forth a new world-class event and convention center to Miami Beach.
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$72,800,000
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.22%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93