Reuben Brothers venture buys stake in One Thousand Museum loan

Jamie Ruben and Brett Mufson with One Thousand Museum (Getty, iStock)

Jamie Ruben and Brett Mufson with One Thousand Museum (Getty, iStock)

A Reuben Brothers venture bought out Fortress Investment Group’s stake in the loan backing the Zaha Hadid-designed One Thousand Museum, The Real Deal has learned.

The venture, which includes Fontainebleau Development, previously controlled half of the $225 million construction loan, according to a source. Fortress provided debt to the developers of One Thousand Museum in 2016, property records show.

A partial release of the mortgage issued in July shows that the developers have paid back part of the loan.

Fontainebleau, led by chairman and CEO Jeff Soffer and president Brett Mufson, is also working with Reuben Brothers on other properties. Reuben Brothers, the private equity and investment firm led by British billionaire brothers David and Simon Reuben, took a stake in Fontainebleau’s JW Marriott Miami Turnberry Resort & Spa last year.

The 84-unit, 62-story One Thousand Museum was completed in 2019. That year, the developers, who include Louis Birdman, Gregg Covin, Todd Michael Glaser, Kevin Venger and Gilberto Bomeny were seeking a $331 million condo inventory loan ahead of its completion.

Sales have picked up at the luxury condo tower at 1000 Biscayne Boulevard in recent months. In January, a penthouse sold for $16 million and another unit sold for $6.3 million. David and Victoria Beckham closed on a penthouse last year for nearly $20 million.

Reuben Brothers also acquired the $132 million senior loan backing the St. Regis Bal Harbour resort last year from Mack Real Estate.

David and Victoria Beckham tour Miami condo building designed by Zaha Hadid: report

David and Victoria Beckham with a rendering of One Thousand Museum (Credit: Getty Images)

David and Victoria Beckham with a rendering of One Thousand Museum (Credit: Getty Images)

Now that David Beckham’s Major League Soccer team has found a permanent home in Miami, it makes sense that the soccer star is on the hunt for his own abode.

David and Victoria Beckham reportedly checked out a unit at One Thousand Museum this weekend, according to the U.K. publication the Sun. The Beckhams are spending the week in Miami on vacation, and were spotted hanging out with friends Eva Longoria and Marc Anthony.

Beckham is rumored to have viewed other Miami properties in recent years, including a waterfront estate on Star Island in Miami Beach.

Half-floor units at One Thousand Museum start at $5.8 million and full-floor residences go up to more than $24 million. The 62-story tower, known for its scorpion-like curvy columns that wrap around the exterior, was completed earlier this month by developers Louis Birdman, Gilberto Bomeny, Gregg Covin, Kevin Venger and Todd Glaser.

The 84-unit luxury condo building, at 1000 Biscayne Boulevard, was the first and final residential building in the Western Hemisphere to be designed by the late Zaha Hadid.

One Thousand Museum includes a rooftop helipad, a wellness center with a gym and yoga facilities, relaxation pods and spa rooms, a sky lounge, a bank vault, a multimedia theater, an off-site beach club and 8 Juice Bar by Raw Republic.

After years of attempts, Beckham and his partners are moving forward with their plans to build a soccer stadium in Miami, redeveloping the Melreese Country Club property into a $1 billion mega mixed-use soccer complex, home to their Inter Miami CF team. [The Sun]Katherine Kallergis

One Thousand Museum pays tribute to Zaha Hadid: VIDEO

Video taken by Catapult 13 Creative Studios, edited by TRD’s Alistair Gardiner
A whistle blew at 8:08 a.m. on Wednesday, halting construction at Zaha Hadid’s One Thousand Museum.
Construction workers, developers and fans of Hadid gathered for a minute of silence to honor the starchitect, who was the first female architect to win the Pritzker Prize. Hadid died on Thursday in Miami Beach of a sudden heart attack while being treated for bronchitis. She was 65.
More than 200 construction workers were at the construction site at 1040 Biscayne Boulevard in downtown Miami on Wednesday. Construction began on the 83-unit, 62-story last year. It marks the first residential skyscraper design in the Western Hemisphere for Hadid. The building, developed by Louis Birdman, Gregg Covin and the Regalia Group, is expected to open in late 2018.

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For a look back on the life and work of the Iraqi-British architect, watch TRD’s video here.

Source: The Real Deal Miami