JPM, Mack Lend $460M for Turnberry Ocean Club
By Cathy Cunningham September 9, 2019 9:21 pm
reprints
J.P. Morgan Chase and Mack Real Estate Credit Strategies have closed a $460 million refinance of the Turnberry Ocean Club in Sunny Isles Beach, Fla., Commercial Observer has learned.
The deal closed on Monday night.
Newmark Knight Frank’s Dustin Stolly, Jordan Roeschlaub, Nick Scribani, Chris Kramer and Brett Wilburn negotiated the five-year, floating-rate debt on behalf of Jeffrey Soffer’s Fontainebleau Development.
The 54-story glass condominium tower, at 18501 Collins Avenue, includes 154 waterfront residences with ocean and bay views. The property boasts 70,000 square feet of amenities across six levels, including the three-level Sky Club on floors 30 through 32. The club comprises a ‘sun and swim’ level, with sunrise and sunset swimming pools and two hydrotherapy spas; a ‘fitness and spa’ level with an oceanfront open-air gym and pilates studio; and a dining level with a catering kitchen and sunset lounge.
Soffer broke ground on the property in November 2016 and scored a $259 million construction loan from Bank OZK for the project in June 2017, as reported by The Real Deal.
The project will be completed during the first quarter of 2020.
“The Turnberry Ocean Club stands out among its peers as the premier, ultra-luxury beachfront condominium development in Sunny Isles with an unmatched amenity package and sweeping views of the ocean and bay,” Stolly said in prepared remarks.
The residences include oceanfront balconies as well as outdoor kitchens on the terraces. As Mansion Global reported in May, a 6,700-square-foot duplex condo on the building’s 37th floor—complete with private pool and hot tub— is on the market for a whopping $16.5 million.
“Jeff Soffer and the Fontainbleau team continue to develop properties of the highest of quality,” Roeschlaub added.
Fontainebleau Development’s portfolio includes the Fontainebleau Miami Beach, JW Marriott Turnberry Resort & Spa and SoLeMia Miami. In June, the Newmark team also arranged a $340 million refinance for the JW Marriott property; Bank of China was the lender in that instance.
Officials at Mack Real Estate could not immediately be reached for comment late Monday night. A spokesperson for J.P. Morgan declined to comment.
