Miami-Area Luxury Tower Scores $460M Refi
- Sep 10, 2019
Fontainebleau Development has received a $460 million, floating-rate loan for the refinancing of Turnberry Ocean Club, a 54-story luxury condo tower underway in Sunny Isles Beach, Fla. Newmark Knight Frank arranged the loan, which was provided by JP Morgan Chase and Mack Real Estate Credit Strategies.
The beachfront property in northeast Miami-Dade County will feature 154 condo residences along with more than 70,000 square feet of amenities. Located at 18501 Collins Ave., the landmark project broke ground in 2016 and is slated for completion in the first quarter of 2020.
Designed by Carlos Zapata Studio and Robert M. Swedroe, Turnberry Ocean Club is a glass tower with direct ocean and bay views in the city. Amenities will include the Sky Club, a three-story private club perched more than 300 feet above ground, as well as marina access, pools, private restaurants, a cocktail lounge, fitness center and indoor area for walking pets.
Dustin Stolly and Jordan Roeschlaub, vice chairmen and co-heads of debt & structured Finance led the NKF team that provided the loan to Fontainebleau Development, along with Nick Scribani, Chris Kramer and Brett Wilburn.
More luxury comes to Sunny Isles
The city of Sunny Isles spans two miles on a barrier island between the Atlantic Ocean and the Intracoastal Waterway, midway between Miami and Fort Lauderdale. Turnberry Ocean Club neighbors the Trump International Beach resort, a four-star hotel at 18001 Collins Ave.
Just down the street at 17901 Collins Ave., affiliates of The Trump Group—no relation to President Donald Trump or his eponymous real estate conglomerate—are building a 245-unit luxury condo project at 17901 Collins Ave. The development received a $558 million construction loan from Bank OZK last year.