Jackie Soffer’s Turnberry Scores $172M to Build North Miami Condo Tower
By Julia Echikson March 27, 2024 11:17 am
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Bank OZK (OZK) is at it again.
The Little Rock-based bank supplied $172 million for Jackie Soffer’s Turnberry to build a high-rise condominium within the SoLé Mia master development in North Miami.
Called One Park Tower, the 33-story development will feature 292 units facing a 7-acre artificial lagoon at 2411 Laguna Circle. Amenities will include a beach club, a fitness center, a spa, and a concierge service.
Construction got underway in December and is scheduled to be completed in 2026. Already, 60 percent of units have been pre-sold, accounting for more than $250 million, according to a spokesperson for Berkadia, which brokered the debt.
“Despite the challenge of securing construction financing in the current climate, this loan is further validation of the sponsor’s vision for creating a vibrant mixed-use community in North Miami where luxury, wellness, nature and water meet, and underscores the strong demand for luxury condo product in South Florida,” Berkadia’s Scott Wadler said in a statement.
Alec Fox, Mitch Sinberg, Brad Williamson and Matt Robbins, all from Berkadia, also helped broker the financing.
Bank OZK, led by George Gleason, has emerged as the most active construction lender in South Florida, originating more than $1 billion in loans since December 2023.
The regional bank lent $239 million for CMC Group’s waterfront condo development on Grove Isle, $259 million for Fortune International Group’s Ritz-Carlton-branded condo development in Pompano Beach, $181 million for Oak Row Equities mixed-use tower in Edgewater, and $220 million for Hines’ mixed-use complex in Fort Lauderdale.
One Park Tower is part of SoLé Mia, a 184-acre master development built on a former landfill and Superfund site, in partnership with the LeFrak Organization, though the New York-based firm is not involved in the condo tower. (Carlos Rosso was previously involved in One Park Tower, but he, too, is no longer involved.)
Since launching in 2015, the master development has grown to include four rental properties and a Costco store. A 363,000-square-foot University of Miami medical center is slated to be completed in 2025. Other projects in the pipeline include Mater Academy’s new K-5 charter school, Reserve Padel’s first permanent location, and a Motek Mediterranean restaurant.
Update: The story was amended to include the development’s construction schedule and sale figures.
Julia Echikson can be reached at jechikson@commercialobserver.com.
