Berkadia announced it arranged for $172 million in construction financing for ONE Park Tower by Turnberry, a 33-story, 292-unit condominium tower located at 2411 Laguna Circle in the 184-acre master-planned community of SoLé Mia in North Miami, Florida. Designed by the award-winning architecture firm Arquitectonica, with interiors by the globally acclaimed Meyer Davis and landscaping by DS Boca and developed by Turnberry, the building offers a variety of one-, two-, and three-bedroom units, including a selection of penthouses. The financing deal was orchestrated by Managing Director Scott Wadler, Associate Director Alec Fox, Senior Managing Director Mitch Sinberg, and Managing Directors Brad Williamson and Matt Robbins of Berkadia South Florida. It was closed with Bank OZK on behalf of Turnberry, led by Chairman and CEO Jackie Soffer, on March 25.
Credit: ONE Park Tower by Turnberry
“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,” said Wadler. “ONE Park Tower by Turnberry serves as the premier development within the remarkable SoLé Mia community, boasting exceptional finishes and amenities that are top-of-market. Turnberry is fully committed to the continuous enhancement of SoLé Mia, establishing it as the preeminent master-planned community in South Florida.”
Credit: ONE Park Tower by Turnberry
“Turnberry is thrilled to once again be working with the talented team at Bank OZK. This is an exceptional residential offering, and we are thankful to our friends at Berkadia for their support throughout this financing process. Excellence in community curation is a hallmark of Turnberry. We are looking forward to delivering ONE Park Tower by Turnberry together with numerous other exciting initiatives in our broad investment and development pipeline,” said Aly-Khan Merali, President and Chief Financial Officer of Turnberry.
Credit: ONE Park Tower by Turnberry
ONE Park Tower by Turnberry boasts an array of amenities, including a beach club, a state-of-the-art fitness center, a social deck, luxurious spas for men and women, concierge service, and much more. The rapidly evolving SoLé Mia community is set to enhance these on-site amenities with several new offerings. These include the University of Miami UHealth’s cutting-edge 363,000-square-foot medical center, scheduled for completion in 2025, a new K-5 charter school by Mater Academy, the first permanent padel location by Reserve Padel, a Motek branded restaurant, among other forthcoming announcements.
Credit: ONE Park Tower by Turnberry
Credit: ONE Park Tower by Turnberry
The property enjoys a prime location along the shore of the community’s 7-acre Crystal Lagoon™, offering unobstructed panoramic views of Oleta River State Park, Biscayne Bay, and the Miami skyline. Positioned east of I-95, the development is just minutes away from luxury shopping destinations such as Aventura Mall and Town Center Aventura (also part of Turnberry’s portfolio), the vibrant Downtown Miami and Brickell neighborhoods, Fort Lauderdale Hollywood International Airport, Miami International Airport, and more.
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