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South Florida

Turnberry gets loan extension at Ocean Club

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Developer Turnberry Associates has received a loan extension on its two-acre Ocean Club in Sunny Isles Beach, part of its main Fairmont Turnberry Isle Resort & Club in Aventura. Turnberry originally took out a $66.3 million mortgage on the property from HSBC Realty Credit in 2007. The loan was extended and reduced to $42.3 million in 2009, and last month, the developer got another extension and reduced its principal balance to $12.4 million. The developer also got an extension on its $180 million loan at the Fairmont resort this past July. [SFBJ]