Turnberry Lands $172M for Luxury Miami Condo Tower

Bank OZK provided the construction financing for the project.

Turnberry has obtained a $172 million construction loan for ONE Park Tower, a 292-unit luxury condominium project currently underway in North Miami. Berkadia secured the financing from Bank OZK.

The team behind the project also includes Arquitectonica as architect of record, Meyer Davis Studio as interior designer, DS Boca as landscape architect and designer, and Fortune Development Sales as on-site sales and marketing representative.

The project broke ground in January and is already 60 percent presold, according to the South Florida Business Journal. The same source reveals that sales launched in 2022, with units priced in the $500,000s, while prices for the remaining units available now start at $800,000.

ONE Park Tower is a 33-story condominium project at 2411 Laguna Circle that will include one-, two- and three-bedroom residences, along with a penthouse collection. The condos will range from 968 square feet to 2,131 square feet and will include floor-to-ceiling windows, wrap-around balconies and spa-inspired bathrooms with European-style fixtures.

The condo tower will also provide an extensive indoor and outdoor amenity package located at the ground floor area and on the sixth floor. The indoor amenities include a lobby lounge, a private conference room, a coffee shop, a party room, a fitness center, a steam and sauna area, changing and shower rooms, a kids’ club, a golf simulator and walkway, beach, as well as swimming pool access. Additional features include a library with a spacious lounge, a pet spa, spin, yoga and Pilates studios, while the outdoor amenity package includes a swimming pool with a summer kitchen and a social deck with views of Oleta River State Park and Biscayne Bay, pickleball courts and walking trails.

The condo tower also provides direct access to Crystal Lagoon, a 7-acre clear water tropical lagoon that includes ONE Laguna Beach Club, offering a wide array of water sports and activities, as well as cabanas, picnic spots and beverage services.

An upcoming master-planned community

ONE Park Tower is situated within SoLé Mia, a master-planned development that covers 184 acres and includes multiple projects underway. Turnberry is co-developing the community together with LeFrak Organization. Projects currently underway here include University of Miami’s 363,000-square-foot UHealth Medical Center, expected to be completed in 2025, a Mater Academy’s K-5 charter school, Reserve Padel’s first permanent padel location and a Motek restaurant, among others.

Turnberry has another significant luxury project close to ONE Park Tower: at 2400 Laguna Circle, the company, in joint venture with Oleta Partners and LeFrak, is developing a 328-unit multifamily tower, that broke ground in March 2023. Also designed by Arquitectonica, the 30-story tower is expected to come online next year.

Berkadia’s team that facilitated the financing was led by Senior Managing Director Mitch Sinberg, Managing Directors Scott Wadler, Brad Williamson and Matt Robbins, along with Associate Director Alex Fox.

There are multiple condo projects currently underway in the Miami area, including 600 Miami Worldcenter, a 32-story tower that will encompass 606 residences. Last month, co-developers Merrimac Ventures and Aria Development Group landed $95 million in construction financing for the downtown Miami project, scheduled to come online in 2026.

In late 2023, another partnership secured a $240 million construction loan for Casa Bella Residences by B&B Italia, a 56-story condo tower underway in Miami’s Arts and Cultural District. The developers behind the 319-unit project are Related Group and Alta Developers, while Cain International originated the loan.

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