$395 Million Loan Acquisitions for Sunny Isles, Florida Development

Condominium Developer

Assisted condominium developer in mortgage capitalization of Turnberry Ocean Club, a 54 story, 154 unit ultra-luxury condominium project in Sunny Isles Beach, Florida. Capitalization comprised of a $265 million construction mortgage loan from Bank of the Ozarks and a $130 million mezzanine loan preferred equity transaction from a national real estate firm acting as a lender to other developers.

Related Topics
Related Practices
RELATED PEOPLE
Jay M. Sakalo

Jay M. Sakalo

Partner, Business Finance & Restructuring and Corporate Practice Group Leader
MORE EXPERIENCE
Experience
Representation of B piece and special servicer clients, handling in excess of $22 billion in new securitizations in 2013-14.
Experience

Representation of Oleta Partners, LLC, a joint venture comprised of affiliates of the LeFrak Organization and Turnberry Associates, in the successful negotiation of the long-term ground lease and complicated leasehold financing for a 185-acre brownfields redevelopment site in the City of North Mi...

Experience
Oversaw the servicing of over $6 billion worth of hotel loans involving sales and loan assumptions, restructurings, mergers, deeds-in-lieu of foreclosure, forbearances and other workouts, changes in franchises/ flags, operating/ master lease issues, private equity takeovers, changes in management, e...
VIEW MORE EXPERIENCE