Jeff Soffer Of Fontainebleau Development And Barry Sternlicht Of Starwood Capital Group Secure $104M Loan For Development Site In Tequesta FL

The property involved is a 5.4-acre development site located at 250 & 300 Beach Road in Tequesta, Florida. The asset is designated for the development of a 26-unit luxury condominium project known as 1 Homes Jupiter Island. Condo sales for this project launched last year, with units priced between $11 million and $27 million.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $104,000,000
• Lender: BDT & MSD Partners
• Landlord: Jeff Soffer - Fontainebleau Development
• Landlord: Barry Sternlicht - Starwood Capital Group

The financing secured by Fontainebleau Development and Starwood Capital Group refinances and expands an existing loan on the property. This transaction is a significant step in their development efforts for the oceanfront site.