The Real Deal Miami

Turnberry gets loan extension at Ocean Club

March 21, 2011 04:16PM

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]