Turnberry Secures $4 Billion to Fund Projects in Miami and Las Vegas

Along with the Fontainebleau Miami Beach $1 billion expansion, Turnberry Associates (Jeffrey Soffer) plans a 2.9 billion development in the Las Vegas strip that will include:

  • 1,000 condo hotel units
  • 25 acres
  • 63 floor tower
  • 3,889 room resort
  • Casino
  • 60,000 sq. ft. spa
  • 3,200 seat performing arts center

Turnberry Associates has also built:

 

“Fontainebleau Resorts raised $565 million in private placements of common and preferred equity. Part of that funding includes closing on the $250 million invested by Publishing & Broadcasting Ltd. of Australia for a nearly 20 percent stake in the privately-held company.

“The debt financing announced Thursday was led by Bank of America, Merrill Lynch, Deutsche Bank and Barclays. Lehman Brothers, JP Morgan Chase, Bank of Scotland, Royal Bank of Scotland and Sumitomo Mitsui Banking Corp. also participated.”

Turnberry Associates has developed over $7 billion in commercial and residential projects.

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