On Friday, December 23, the founders of the long-postponed Fontainebleau Las Vegas project publicly announced that they have acquired a $2.2 billion construction loan to complete construction of the Fontainebleau Las Vegas resort & casino in the fourth quarter of 2023.
Obtaining a construction loan:
A new union formed in 2021 between Fontainbleau Resorts LLC, a leading Florida-based owner, builder and operator in the hospitality, commercial and retail industry, and Koch Real Estate Investments (KREI), the real estate subsidiary of Koch Industries based in Dallas, Texas, is responsible for continuation of the project.
The companies together with J.P. Morgan as its administrative agent, obtained a $2.2 billion construction loan to finish the construction of the Fontainbleau Las Vegas resort & casino.
Jacob Fransis, President of Koch Real Estate Investments, said in an official statement: “We secured the construction loan through J.P. Morgan, SMBC, Blackstone Real Estate Debt Strategies, Goldman Sachs, Guggenheim and real estate investment trust VICI Properties. J.P. Morgan acted as administrative agent. We thank them for recognizing both the potential of this property and the expertise of those involved in its capitalization, design, and construction.
“Securing $2.2 billion in financing in today’s market speaks to the widespread confidence in this project, and the team that’s come together to bring it to Las Vegas.”
Restarting the Fontainebleau project:
During November 2021, the long-delayed Fontainebleau project was relaunched, after the Florida-based founder reacquired the 25-acre site nine months later.
However, the $2 billion project was originally started in 2009. But after the founders didn’t have enough money to continue, i.e. lack of investors, the project was put on hold when it was 75% complete.
During that time, the project experienced a bankruptcy foreclosure sale and passed through the hands of two owners before finally ending up in the hands of Fontainebleau Development Chairman and Chief Executive Officer Jeffrey Soffer, after he regained the 67-story, blue-tinted-glass-hotel-casino.
Since then, the project has been continuously developed over the past year.
Layout of the proposed hotel & casino.
The highly anticipated 67-story resort & casino will offer 3,700 premier hotel rooms, a casino, 550, 000 square feet of convention and meeting space and a collection of restaurants, retail and lifestyle attractions. It will be located at the northern end of the Las Vegas Strip, which is directly connected to the Las Vegas Convention Center.
In this regard, Brett Mufson, Fontainebleau Development President, said: “The financing keeps construction on schedule and the project would open in the fourth quarter of 2023.
“This is a milestone for Fontainebleau Las Vegas and stands as a testament to the tremendous dedication of our team and our partners at Koch Real Estate Investments. We are eager to bring our iconic Fontainebleau brand – timeless beauty, unparalleled service, and innovative design – to the Las Vegas Strip.”
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