The Real Deal Miami

Turnberry resolves lawsuit over $12M loan

Mortgage secured by large Doral development site

January 24, 2014 09:45AM

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Jeffrey Soffer’s Turnberry Associates has resolved a lawsuit involving a Doral property located outside of Miami-Dade County’s Urban Development Boundary.

Turnberry Doral Development had faced litigation over a $12 million mortgage it originally obtained from BankAtlantic for the property, South Florida Business Journal reported. Florida Asset Resolution Group, a company tied to BankAtlantic successor BBX Capital, had filed a non-foreclosure lawsuit against the Turnberry company in June. The lender wanted to compel Turnberry to repay the mortgage.

Expo Doral Debt recently acquired the debt from Florida Asset for an undisclosed amount.

Turnberry Doral had applied to move the development boundary so it could build a large mixed-use complex on its 64-acre site at Northwest 41st Street and Florida’s Turnpike. It withdrew the request in November. [South Florida Business Journal]Eric Kalis

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