Turnberry resolves lawsuit over $12M loan

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.

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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