Developers of the Fontainebleau get $2.2 billion in financing to finish the Strip resort

The Fontainebleau Las Vegas project’s founders announced a $2.2 billion construction loan on Friday, December 23, to finish the resort and casino in the fourth quarter of 2023.

How to get a loan for building:

In 2021, Fontainbleau Resorts LLC, a renowned Florida resort, commercial, and retail owner, builder, and operator, and Koch Real Estate Investments (KREI), the real estate arm of Dallas, Texas-based Koch Industries, announced a collaboration. This collaboration manages the project.

The firms and J.P. Morgan, which manages the loan, received a $2.2 billion construction loan to finish the Fontainbleau Las Vegas resort and casino.

“We secured the construction credit from J.P. Morgan, SMBC, Blackstone Real Estate Debt Strategies, Goldman Sachs, Guggenheim, and real estate investment trust VICI Properties,” Koch Real Estate Investments President Jacob Fransis stated in an official statement. J.P. Morgan managed. We appreciate that they saw the potential of this land and the ability of those who funded, designed, and built it.

The fact that $2.2 billion in finance was secured for this project in the current market shows that a lot of people believe in it and the team that brought it to Las Vegas.”

Getting back to work on Fontainebleau:

After nine months, the Florida-based founder restarted the Fontainebleau project.

The $2 billion project began in 2009. The founders ran out of money when the project was 75% complete. They lacked investors.

Also, after a bankruptcy foreclosure sale and two owners, Jeffrey Soffer, Chairman and CEO of Fontainebleau Development, bought back the 67-story, blue-tinted-glass hotel-casino.

Since then, the project has grown all through the past year.

The proposed hotel and casino’s floor plan.

Moreover, the 67-story resort and casino will contain 3,700 luxury hotel rooms, a casino, 550, 000 square feet of convention and meeting space, restaurants, boutiques, and other lifestyle attractions. It will be near to the Las Vegas Convention Center at the northern end of the Strip.

In fact, Fontainebleau Development president Brett Mufson said this concerning financing: “The project will open in 2023 due to financing.

“Fontainebleau Las Vegas’s progress displays our team’s and Koch Real Estate Investments’ hard work. We’re excited to bring Fontainebleau’s timeless elegance, unsurpassed service, and creative architecture to Las Vegas.