Bank of China contributes to a $340 million USD syndicated loan for the JW Marriott Miami Turnberry Resort & Spa 2019 Refinancing Project

Project narrative

In July 2017, the New York Branch of the Bank of China (BOC) entered into a $248.9 million USD loan agreement with TB Isle Resort LP — a Delaware-incorporated special purpose vehicle (SPV) and wholly-owned subsidiary of Turnberry Associates, LLC, a Florida-incorporated American privately-held real estate development and management company controlled by the Soffer family based in Aventura, Florida — for the Turnberry Isle Resort Hotel and Conference Center Expansion and 2017 Refinancing Project. This loan was secured by (i.e. collateralized against) a mortgage on the Turnberry Isle Resort Hotel and Conference Center. BOC served as administrative agent. Record ID#106231 captures this loan. The proceeds were to be used by the borrower to refinance an $112 million USD existing mortgage from Wells Fargo on the Turnberry Isle Miami (also known as the Turnberry Isle Resort and Club) and to provide an additional $136.9 million USD to finance the expansion of the Turnberry Isle Miami in Aventura, Florida north of Miami, a 300-acre resort at 19999 West Country Club Drive that included a 398-room hotel, two 18-hole championship golf courses, a spa, Bourbon Steak restaurant, and the Cañas Tennis Center. The renovation and redevelopment project sought to construct a 16-story 282-room hospitality property, called The Orchid Tower, expand an event center to 120,000 square feet, renovate the two golf courses, add a new bar in the lobby, and construct a five-acre waterpark called Tidal Cove, to construct four restaurants, a coffee shop, a golf pro shop, and two outdoor pools, and to otherwise upgrade the pool, front driveway, and main lobby and building. The renovation was to allow the property to rebrand under the JW Marriott flag. Nichols, Brosch, Wurst, Wolfe and Associates served as project designer. It had a cost of $300 million USD. Construction was expected to be completed before Christmas 2018. The renovation project was completed in 2018. On June 1, 2019, a two-bank syndicate — BOC as administrative agent and HSBC Bank — entered into a $340,000,000 USD permanent loan agreement with TB Isle Resort LP — now wholly-owned by Fontainebleau Development, LLC, a new entity formed from the splitting of Turnberry by the Soffer siblings, Jeffrey (who formed the new company) and Jackie (who remained with Turnberry) — for the JW Marriott Miami Turnberry Resort & Spa 2019 Refinancing Project. This loan carried an interest rate based on a floating rate. This loan was secured by a mortgage on the JW Marriott Miami Turnberry Resort & Spa. The proceeds were to be used by the borrower to refinance the existing BOC loan and refinance $91 million USD in previous construction financing used to redevelop the resort. Record ID#106232 captures BOC's contribution to this loan. On August 3, 2022, New York Branch of BOC entered into a $412,300,000 USD loan agreement with TB Isle Resort LP — now jointly owned by Fontaine Development, LLC (75% equity stake) and Reuben Brothers Limited, an Bermuda-incorporated private equity and investment firm based in the United Kingdom for British billionaire brothers David and Simon Reuben that acquired the stake in 2020 (25% equity stake) — for the JW Marriott Miami Turnberry Resort & Spa 2022 Refinancing Project. This loan was secured by a mortgage on the JW Marriott Miami Turnberry Resort & Spa. The proceeds were to be used by the borrower to refinance $339.5 million USD of the 2019 BOC debt and to provide $72.6 million USD further debt. BOC served as administrative agent. Record ID#106233 captures this loan. In November 2024, JPMorgan Chase Bank and Goldman Sachs entered into a $475 million USD loan with Fontainebleau Development to refinance the JW Marriott Miami Turnberry Resort & Spa; this loan apparently replaced (refinanced) the BOC debt.