• Turnberry Associates scores $259M construction loan for Turnberry Ocean Club

    Turnberry Associates just scored a $259 million construction loan for Turnberry Ocean Club Residences, the luxury condo tower rising in Sunny Isles Beach, The Real Deal has learned.

    At least seven months in the making, the loan from Bank of the Ozarks closed on Friday, a spokesperson for Turnberry told TRD. The financing, which has not yet cleared records, ranks among the largest in South Florida so far this year.

    Turnberry Ocean Club at 18501 Collins Avenue, developed by the Soffers’ Turnberry Associates, broke ground in November. Site work is progressing, and the project is expected to go vertical by the end of this year and should be completed by the end of 2019, the company said. In November, Turnberry co-chairman and CEO Jeffrey Soffer said that the firm was in talks with lenders and that the number of new development projects, coupled with the challenges of building a condo tower in Sunny Isles had affected construction timing.
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  • Miami inches closer to multimillion-dollar riverfront development deal

    The city of Miami inched one step closer Thursday to a multimillion-dollar quid pro quo that would land it a new administrative building and parking garage, while facilitating the construction of a $465 million mixed-use project on the site of its current headquarters on the north bank of the Miami River.

    The city of Miami inched one step closer Thursday to a multimillion-dollar quid pro quo that would land it a new administrative building and parking garage, while facilitating the construction of a $465 million mixed-use project on the site of its current headquarters on the north bank of the Miami River.

    With a swift vote Thursday morning, the City Commission authorized the appointment of a special estate counsel in the city’s proposed deal to lease its riverside administrative center to property developer Adler Group in exchange for the construction of a new building and parking garage elsewhere in the city. (more…)

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