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.