JV Lands $55M Refi for Miami Luxury Community

Newmark arranged the loan for the 27-unit property located in South Beach.

17 West. Image courtesy of Newmark

A partnership between Turnberry Associates, Elion Partners and Privee Capital has taken a $55 million loan to refinance 17 West, a 27-unit luxury property in Miami Beach, Fla. Newmark arranged the loan through Ladder Capital.

The community, which spans a full block along 17th Street, offers a mix of one- to three-bedroom floorplans. The loft-style units feature high-end finishes and 11-foot ceiling heights. Property amenities include a fitness center, a rooftop deck, a pool and 36 parking spaces. The residences are under a long-term master lease to Sonder. At its ground floor, the building has a large retail component anchored by Trader Joe’s. Truist and Verizon also occupy commercial space within the asset.

Located on 17th Street in South Beach, the community is less than half a mile northwest of the Lincoln Road retail corridor, while Miami Beach Convention Center and Miami Beach Botanical Garden are within a mile. Downtown Miami is 5 miles west via the Venetian Causeway.

Newmark’s Dustin Stolly and Jordan Roeschlaub, Nick Scribani and Chris Kramer arranged the financing. Part of the same team secured an $82 million refinancing package for a 279-unit luxury condo tower in Atlanta this past summer.

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