Turnberry Secures $172 Million Loan for Luxury Condo Tower at SoLé Mia Project in North Miami
March 29, 2024
Turnberry, led by Jackie Soffer, has successfully obtained a $172 million construction loan for its upscale condominium tower within the SoLé Mia mixed-use development in North Miami. Arkansas-based Bank OZK provided the mortgage for Turnberry’s One Park Tower project. Berkadia’s Scott Wadler, Alec Fox, Mitch Sinberg, Brad Williamson, and Matt Robbins facilitated the loan arrangement.
One Park Tower, set to rise at 2411 Laguna Circle, is not just another luxury condo tower. It’s a masterpiece in the making, with 292 condos spread across 33 stories. What’s more, 60% of the project has already been pre-sold, a testament to its allure. These condos offer more than just a home; they offer a lifestyle with panoramic views of the seven-acre Crystal Lagoon recreational water feature.
Scott Wadler of Berkadia emphasized the significance of securing construction financing amidst challenging market conditions, affirming the developer’s vision for a vibrant mixed-use community in North Miami. He highlighted the robust demand for luxury condominiums in South Florida.
Featuring units ranging from approximately 900 to 2,100 square feet, One Park Tower initially launched sales in mid-2022 with prices in the low $500,000s. However, the remaining units for sale now start at $800,000.
One Park Tower is not just a place to live; it’s a community. Residents will have access to a wide range of amenities within SoLé Mia, including 37 acres of active and passive green space, running trails, a pool, private pickleball courts, a fitness center, a spa, coworking facilities, a library, a wine room, and a children’s playroom. It’s a lifestyle that’s hard to resist.
Expected to be completed by summer 2026, One Park Tower is designed by Miami-based Arquitectonica, with Fortune International Realty spearheading the sales efforts for Turnberry.
Aly-Khan Merali, President and CFO at Turnberry expressed gratitude to Berkadia for their support during the financing process. He looks forward to delivering One Park Tower alongside numerous exciting initiatives within Turnberry’s extensive investment and development pipeline.
SoLé Mia represents the redevelopment of an 184-acre former superfund site along Biscayne Bay. The ongoing development includes a fourth apartment building, which will break ground in March 2023, alongside the construction of a University of Miami outpatient healthcare center. Additionally, The Reserve Padel Club, featuring padel courts, is under development within the area.
