A Reuben Brothers company bought Fortress Investment Group’s stake in the loan supporting the One Thousand Museum designed by Zaha Hadid, The real deal has learned.
The company, which includes Fontainebleau Development, previously controlled half of the $ 225 million construction loan, according to a source. Fortress owed a debt to the developers of One Thousand Museum in 2016, according to property records.
A partial release of the mortgage issued in July shows that developers have paid off part of the loan.
Fontainebleau, directed by Chairman and CEO Jeff Soffer and President Brett Mufson, also works with Reuben Brothers on other properties. Reuben Brothers, the private equity and investment firm run by British billionaire brothers David and Simon Reuben, took a stake in JW Marriott Miami Turnberry Resort & Spa in Fontainebleau last year.
The 84-unit, 62-story One Thousand Museum was completed in 2019. That year, developers including Louis Birdman, Gregg Covin, Todd Michael Glaser, Kevin Venger and Gilberto Bomeny were looking for a $ 331 million condo inventory loan before its completion.
Sales resumed at the luxury condo tower at 1000 Biscayne Boulevard in recent months. In January, one penthouse sold for $ 16 million and another unit sold for $ 6.3 million. David and Victoria Beckham closed on a penthouse last year for almost $ 20 million.
Reuben Brothers also acquired the Senior loan of $ 132 million by supporting the St. Regis Bal Harbor complex last year from Mack Real Estate.