Under-construction Turnberry Ocean Club condo tower scores $460M refi
JPMorgan and Mack Real Estate provided the debt; Bank OZK had funded $259M construction loan
Jeffrey Soffer’s Fontainebleau Development secured a massive refinance of its Turnberry Ocean Club, a 54-story condo tower under construction in Sunny Isles Beach.
JPMorgan Chase and Mack Real Estate Credit Strategies are the lenders on the $460 million loan, which closed Tuesday, according to Commercial Observer. It is a five-year, floating-rate loan.
In June 2017, nearly a year after breaking ground on the 154-unit tower at 18501 Collins Avenue, Soffer closed on a $259 million construction loan from Bank OZK.
The building is about 60 percent sold and expected to top off next week, according to Fontainebleau Development. It will be completed by early April.
In March, Soffer split from Turnberry Associates to form Fontainebleau Development after 25 years of working alongside his sister and company CEO Jackie Soffer. In addition to Turnberry Ocean Club, Jeffrey’s new firm is the sole owner of Fontainebleau, JW Marriott Turnberry Miami, Turnberry Isle Marina, and The Big Easy Casino in Hallandale Beach (formerly known as Mardi Gras Casino).
Once completed, Turnberry Ocean Club will have 70,000 square feet of amenities on six floors, a sky club with two swimming pools and two spas, a fitness and spa level, and a dining level.
Newmark Knight Frank’s Dustin Stolly, Jordan Roeschlaub, Nick Scribani, Chris Kramer and Brett Wilburn arranged the loan for the developer. [CO] – Katherine Kallergis