Michael Stern’s JDS Development Group is nearing a deal to bring on Jeff Soffer’s Fontainebleau Development as a partner and secure an over $1 billion loan for the Mercedes-Benz Miami condo project, The Real Deal has learned. 

The deal, which has not yet closed, will replenish the project’s capital stack and would resolve litigation with the existing lender, allowing the nearly 800-unit branded condo project to resume. Byron Trott and Michael Dell’s firm, BD&T & MSD, is one of the lenders, according to sources. 

The $1.06 billion financing package includes a C-PACE (Commercial Property Assessed Clean Energy) component, which encourages the use of energy efficient and sustainable materials and design.

JDS and Fontainebleau Development declined to comment. A representative for BD&T & MSD did not immediately respond to a request for comment. 

The project has been tied up in a foreclosure suit with Cottonwood Management. In May, Cottonwood sued the JDS affiliate alleging the developer failed to repay the loan by the January 2025 maturity date. The JDS affiliate countersued, accusing Cottonwood of underhandedly acquiring the note while JDS was in the market for a construction loan. 

Cottonwood took over the loan in late March of this year from Maxim Credit Group, which provided an $86 million refinance in 2022. 

The 791-unit, two-tower development is valued at more than $2 billion once completed, according to a court filing. The 67-story development is planned to have 130,000 square feet of amenities and hospitality space, 200,000 square feet of office, health and wellness space, a 174-key hotel, retail and parking. It will mark the first Mercedes-Benz branded condo development once completed. 

The project, designed by ShOP Architects, launched sales in 2024 with unit prices starting at $500,000. Ryan Serhant’s firm, Serhant, is leading sales and marketing of the project. 

In one of its court filings, the JDS affiliate stated that the foreclosure suit caused “immediate, significant and potentially irreparable damage” to the developer and the project. After the foreclosure was filed, the city of Miami notified the developer that it had defaulted under the public benefits agreement, which requires JDS to build a new fire station for the city. JDS’ approval in 2020 hinged on the developer agreeing to build an $8 million firehouse for the city, and $5 million into public benefits, including a redesign of the adjacent Southside Park. 

JDS’ other South Florida development is the Dolce & Gabbana-branded condo project planned for 888 Brickell Avenue. One Sotheby’s International Realty, the brokerage firm hired to lead sales and marketing of the project, sued the JDS affiliate behind that tower, seeking more than $500,000 in allegedly unpaid commissions, expense reimbursements, marketing fees and other costs the brokerage has incurred while selling the project, according to a lawsuit in May. 

Fontainebleau Development and its partner Starwood Capital Group recently secured a $104 million refinancing from BDT & MSD for an oceanfront condo project in Tequesta called 1 Homes Jupiter Island. Soffer’s completed condo projects include the luxury condo tower Turnberry Ocean Club in Sunny Isles Beach. His firm’s portfolio includes the iconic Fontainebleau Miami Beach resort, where Soffer plans a controversial water park expansion.

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How Jeffrey Soffer turned the Fontainebleau name into a real estate empire

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South Florida Dirt: In Brickell, Michael Stern fights foreclosure. In Miami Beach, his proposed tower moves on without him

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Lender moves to foreclose on JDS affiliate’s Mercedes-Benz Miami project 

After starting their season off on the West Coast against Stanford, the Miami Hurricanes will return to Coral Gables for their home opener against the Florida A&M Rattlers.

Scheduling an in-state HBCU will never be a bad look for Miami, and while keeping these traditions alive is important, what the U will really gain out of this is a solid crowd for its home opener, a chance to score a lot of points, and ample opportunity to show off its new, glittery offense.

That being said, this is a FAMU team that went 5-7 last season and did make a trip to Hard Rock Stadium for its season opener against Howard in the Orange Blossom Classic, so the Rattlers aren’t walking into a totally new environment. The new-look Rattlers also bring a fresh head coach to the table, who will look to make a statement against the Canes.

2026 Miami Football Early Opponent Preview, Game 2: FAMU

The Offense

The buzz around Tallahassee and FAMU is all about first-year head coach Quinn Gray, who came to FAMU from Albany State, where he posted three consecutive winning seasons. He brought in a litany of transfers from Albany State, including quarterback Isaiah Knowles.

This is a homecoming for Gray, who played quarterback at FAMU before logging a more-than-solid career in the NFL. Alongside Knowles, FAMU added two quarterback prospects: one from the portal in Alabama State transfer James Hayes, and another in Thomas County Central (GA) prospect Jaylen Johnson.

While Gray’s offense will still need to be proven in the SWAC, Albany State managed to put up 33 points per game in 2025 and averaged nearly 200 rushing yards per contest. Couple that with around 200 pass yards per game, and the offensive resumé for Gray gets harder to ignore.

This won’t be the FAMU of last year, but that doesn’t mean that Miami shouldn’t still handle its business.

Defense

The defense for FAMU was its Achilles’ heel in 2025. In fact, Gray and company almost bested the Rattlers in Club Bragg when Albany State visited last season. The Golden Rams managed to put up 25 points on the Rattlers.

When it played against the upper echelons of the SWAC, the same story held true. Jackson State, Alabama State, Bethune-Cookman and Mississippi Valley State all put up at least 35 points against the Rattlers. FAMU hopes that the addition of Ryan Lewis Sr. as defensive coordinator will remedy its troubles, or at least start to do so, in 2026.

Lewis comes to FAMU from Alabama State, where his defenses were among the most impressive in the SWAC.

Schedule

After traveling to Stanford for the season opener, having a team like FAMU awaiting the Hurricanes in Coral Gables is as good of a get as one could ask for. The first two matchups of the year are as low-pressure as could be.

While the U is probably paying close to seven figures for this game to take place, it’s worth it for the final tune-up before ramping up the schedule and to keep a tradition alive in the Sunshine State.

Much like Game One, Miami will be a heavy favorite in this matchup, and rightly so.

Outlook

All signs point toward Miami having no trouble starting the year off 2-0. Stanford and FAU shouldn’t put up much of a fight against Miami’s hopes of returning to the National Title game.

Next week, though, is when things get serious as ACC play rolls on with a bout against Wake Forest.

The Game

Date: September 10
Time: 8 p.m. ET
TV: ACC Network +
Location: Hard Rock Stadium
Series History: Miami leads 3-0
Last Meeting: 2024

The Team

The Coach: Quinn Gray
Offensive Coordinator: Nicholas Sewak
Defensive Coordinator: Ryan Lewis Sr.
2025 Record: 5-7
2025 Rankings: N/A
Players to Watch: Isaiah Knowles, QB
Top Newcomer: Mike Peterson Jr., WR, Florida
Biggest Question: How will Gray’s offense transition to the next level?

The School

Location: Tallahassee, Florida
Founded: October 3, 1887
Enrollment: ~8,000
Nickname: The Rattlers
Colors: Pantone 151 (Orange), Pantone 348 (Green)
Mascot: “Venom” the Rattler

The Program

Last Win in the Series: N/A
Last ACC Title: N/A
National Championships: 1978 (DI-AA), 17 Black College Football Nat’l Championships
Playoff Appearances: N/A
Last missed bowl season: 2025
Heisman Trophies: N/A

The Schedule

September 10, 9 p.m., Miami Hurricanes vs. FAMU Rattlers

This is the second story in Miami Hurricanes on SI’s early preview series of all 12 regular-season opponents for Miami football in 2026.

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Sunshine Coffee, the homegrown brand known for its cheerful vibes, buzzy drinks and must-have treats, has officially opened the doors to its new flagship location in North Beach.

The new café at 7351 Collins Avenue sits in the same neighborhood where founders Alan Philips and Gelareh Mizrahi live with their four children. Through that proximity, the couple has created a business expansion that’s more like an open invitation to the surrounding community.

The new space was designed to capture the carefree spirit of a Miami beach day, with soaring curved ceilings, a dramatic wave-inspired coffee bar and a color palette that flows from sunshine yellow to ocean blue. It’s a sunny space that both a coffee shop and a happy beach getaway.

Fans of Sunshine Coffee’s signature drinks will find plenty to celebrate. The beloved Miami Iced is on the menu alongside favorites like the Cinnamon Toast Crunch, Bananababy and the nutrient-packed Super. Matcha lovers also have reason to rejoice, thanks to an expanded Gelly’s Matcha lineup, featuring colorful creations including the popular Baby Blue Butterfly Vanilla Matcha topped with strawberry foam.

Of course, Sunshine Coffee wouldn’t be Sunshine Coffee without a playful menu. Established winners include the internet-famous Pancake Cake, Brown Butter Focaccia Cinnamon Roll, Truffle Hashbrowns with Caviar and fresh-made Sundrop Doughnuts. New additions such as the Spicy Tuna Wrap with Crispy Rice Crumble and Huevos Rancheros Burrito add even more flavor to the mix.

Perhaps the biggest splash comes from an exclusive new soft-serve program available only at the North Beach location. Choose from naturally-colored yellow vanilla or blue Greek yogurt soft serve, then turn them into dreamy creations like the Sunshine Affogato or the cookie-topped Dream Team.

With two locations now open and plans to continue growing throughout Miami, Sunshine Coffee is establishing itself as a neighborhood café, a gathering place, a local landmark and place to grab a daily dose of both caffeine and sunshine.