Closings are underway at Jeffrey Soffer’s Turnberry Ocean Club condo tower, property records reveal.
Soffer’s Fontainebleau Development recently completed the 54-story, 154-unit building at 18501 Collins Avenue, about a year after securing a $460 million refinancing from JP Morgan Chase and Mack Real Estate Credit Strategies.
The luxury condo tower has been under construction for at least five years and has been sold for nearly $1 billion, according to documents filed with the New York Attorney General’s Office of Real Estate Finance in 2015 for registration of the project in New York. A spokesperson for the developer did not respond to a request for comment.
Records show five condo sales have been recorded since Thursday, ranging in price from $3.9 million to $5.8 million.
Jessica Azout, who shares the same name as the founder of JumpStart Your Future, a higher education consultancy, paid nearly $5.8 million for a 26th-floor unit.
Leon and Andrea Bibas paid $5.5 million for a 17th-floor unit. Leon is director and CEO of Encajes, a Colombian textile company that produces lace. An 18th-floor unit also sold for $5.5 million to Jak Bursztyn and Margareth Jamri.
El Moro De La Florida LLC paid $5.6 million for a 21st floor unit. The company is managed by Juan Pablo Kuri Caballo and Emilio Kuri Caballo.
Scott Smith and Jacqueline Ceresnick of New Jersey paid $3.9 million for a sixth-floor unit.
Soffer financed the construction of the beachfront tower with a $259 million construction loan from OZK Bank in 2017, a year after construction of the tower began.
The building has 70,000 square feet of amenities over six floors, a sky club with two pools and two spas, a fitness and spa level, and a dining level. Units range from 2,750 square feet to 10,000 square feet, with three-, four-, five-, and six-bedroom floor plans that span two and three levels. Asking prices have risen to $35 million.
Turnberry Ocean Club joins other recently completed condo towers in Sunny Isles Beach, such as Residences by Armani/Casa and Parque Towers.
Last year, Soffer parted ways with Turnberry Associates to form Fontainebleau Development after 25 years of working alongside his sister and company CEO, Jackie Soffer. In addition to Turnberry Ocean Club, Jeffrey’s new company is the sole owner of Fontainebleau Miami Beach, JW Marriott Turnberry Miami, Turnberry Isle Marina and The Big Easy Casino in Hallandale Beach (formerly known as Mardi Gras Casino).
The $975 million loan backing Fontainebleau, Miami-Dade County’s largest resort, recently left special duty after successful negotiations with lenders, according to Trepp data.