ONE Park Tower, Miami, FL | Financed by Berkadia 2024

March 27, 2024

ONE Park Tower by Turnberry Secures $172M Construction Loan Facilitated by Berkadia

MIAMI – March 27, 2024 – Berkadia announced today it arranged construction financing for ONE Park Tower by Turnberry, Turnberry’s ultra-luxury, 292-unit condominium tower in the heart of the SoLé Mia master development in North Miami, Florida. Managing Director Scott Wadler and Associate Director Alec Fox, along with Senior Managing Director Mitch Sinberg and Managing Directors Brad Williamson and Matt Robbins of Berkadia South Florida, secured a $172 million loan from Bank OZK on behalf of the developer Turnberry, led by Chairman and CEO Jackie Soffer. The deal closed on March 25.

Located at 2411 Laguna Circle, ONE Park Tower by Turnberry is a 33-story property offering spacious one-, two-, and three-bedroom units, plus a collection of penthouses and floorplans designed to fit a range of lifestyles. Award-winning architecture firm Arquitectonica designed the building. The interior design is by globally recognized Meyer Davis.

“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.”

“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.

ONE Park Tower by Turnberry features amenities including a beach club, a state-of-the-art fitness center, a social deck, lavish men’s and women’s spas, concierge service, and much more. The rapidly evolving SoLé Mia community has a variety of new offerings that will bolster the on-site amenities, including University of Miami UHealth’s cutting-edge 363,000- square-foot medical center slated to be completed in 2025, Mater Academy’s new K-5 charter school, Reserve Padel’s first permanent padel location, a Motek branded restaurant, among others yet to be announced publicly.

The property is located directly along the shore of the community’s 7-acre Crystal Lagoon™, with unobstructed panoramic views of Oleta River State Park, Biscayne Bay, and the Miami skyline. Situated east of I-95, the development is minutes from luxury shopping destinations like Aventura Mall and Town Center Aventura (also part of Turnberry’s portfolio), the emerging Downtown Miami and Brickell neighborhoods, Fort Lauderdale Hollywood International Airport and Miami International Airport, and more.

Jackie Soffer’s Turnberry Scores $172M to Build North Miami Condo Tower | Commercial Observer

Soffer nabs $172M loan for the developer’s luxury condo | South Florida Business Journal