One Park Tower By Turnberry Secures $172M Construction Loan Facilitated By Berkadia
Scott Wadler and Alec Fox, along with Mitch Sinberg and Brad Williamson and Matt Robbins of Berkadia South Florida, secured the $172 million loan from Bank OZK.
Scott Wadler and Alec Fox, along with Mitch Sinberg and Brad Williamson and Matt Robbins of Berkadia South Florida, secured the $172 million loan from Bank OZK.
Roberto Pesant, Jaret Turkell, Yoav Yuhjtman, Jose Mota, and Omar Morales of Berkadia South Florida led the $24.6 million sale on behalf of the seller. Mitch Sinberg, Brad Williamson, Matt Robbins and Scott Wadler secured $14.76 million in acquisition financing through a bank on behalf of the buyer.
The site is expected to complete and obtain master permitting within four months.
Berkadia Managing Directors Scott Wadler, Brad Williamson, and Matt Robbins, Senior Managing Director Mitch Sinberg, and Vice President Michael Basinski of Berkadia South Florida arranged the loan on behalf of the Miami-based sponsors.
Senior Managing Director Charles Foschini, Managing Director Christopher Apone and Associate Director Robert Iudice of Berkadia South Florida arranged the loan.
The property is entitled for the development of 301 residential units, 244,000 square feet of office, and just over 7,000 square feet of retail.
The project will consist of approximately 509 luxury rental apartments, 275,000 square feet of Class A office space, 25,000 square feet of ground-floor retail space, a 20,000-square-foot open-air retail plaza, and a parking garage.
Senior Managing Director Mitch Sinberg, Managing Directors Matt Robbins, Brad Williamson and Scott Wadler, and Vice President Hugo Hernandez of Berkadia Miami arranged the financing on behalf of Rental Asset Management, a property management company based in Oakland Park, which acquired the property for $31.1 million.
501 First Residences, located on NE First Avenue, will deliver 448 luxury condos to downtown Miami.
Senior Managing Director Charles Foschini and Managing Director Chris Apone secured the financing on behalf of the Aventura, Florida-based developer.
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