TURNBERRY OCEAN CLUB RESIDENCES SECURES $259 MILLION CONSTRUCTION LOAN FROM BANK OF THE OZARKS

June 24, 2017

Ultra-Luxury Residential Project Exceeds $300 Million in Sales with More than $100 Million Booked this Year Alone

Strong Market Response Underscores the Value and Reputation for Luxury that is Synonymous with the Turnberry Brand; Construction Ahead of Schedule with Project Slated for Delivery in 2019 

Miami, Florida, June 26, 2017 – Turnberry Associates, one of America’s premier real estate development and property management companies, announced today it has secured a $259 million construction loan from the Bank of the Ozarks for the development of the Turnberry Ocean Club Residences located at 18501 Collins Avenue in Sunny Isles Beach. Total sales for the unprecedented, ultra-luxury residential project are in excess of $300 million, with more than $100 million in sales booked this year alone. This incredibly strong market response to the project underscores the value and reputation for luxury that is synonymous with the Turnberry brand. Construction, which started in November, is progressing ahead of schedule. The project will go vertical by the end of 2017 and is slated for delivery by the end of 2019.

Turnberry Ocean Club Residences is the most luxurious undertaking in Turnberry Associates’ 50-year corporate history, and it is already redefining luxury, resort-style living in South Florida with unprecedented elegance, impeccable floorplans, concierge services, and amenities like no other address. Designed by architects Carlos Zapata Studios of New York City and architect Robert Swedroe of Miami, Turnberry Ocean Club Residences is a 54-story oceanfront high-rise glass tower. It features 154 luxury residences ranging from 2,750 to 10,000 square feet with three, four, five, and six-bedroom floorplans that extend over two and three levels. Pricing starts at $3.9 million and goes into the $35 million range. The property features a three-story, $100-million Sky Club located 300 feet above sea level. In the Sky Club, sunrise and sunset pools cantilever off the façade of the building reaching out to the ocean and the bay beyond. There are three common area swimming pools for all tower residents to use and in addition there are seven duplex and triplex collection residences with their own private swimming pools. The entire development offers more over 70,000 square feet of state-of-the-art amenities including indoor and outdoor fitness centers, two restaurants, three bars, a sunset lounge, a hydrotherapy spa, ocean view cabanas, a pet retreat, a nail and blow-dry salon and a sky theater.

The luxury lifestyle that a home at the Turnberry Ocean Club Residences affords extends well beyond the confines of this beautiful property. Ownership comes with access to beloved Turnberry destinations and best-in-class services. Buyers enjoy membership privileges at Turnberry Isle Resort, renowned for its two Raymond Floyd-designed championship golf courses, the state-of-the-art âme Spa & Wellness Collective, BOURBON STEAK restaurant by Michael Mina, and the elite Cañas Tennis Center. Ocean Club residents also enjoy preferred rates at Fontainebleau Aviation, the private airport owned and operated by Turnberry Associates.

“Turnberry Associates is thrilled to be working with the Bank of the Ozarks to finance construction of the Turnberry Ocean Club Residences. There has been a tremendous amount of enthusiasm for this unprecedented project. Buyers are not only attracted to the ultra-luxury lifestyle we are creating, they are also attracted to the quality and commitment that has always distinguished Turnberry properties. With Turnberry Ocean Club Residences, we have even outdone ourselves and raised the bar for luxury to a whole new level,” said Jeff Soffer, Co-Chairman and CEO of Turnberry Associates. “This financing deal and the incredible response from the market, speak to the inherent value proposition and uniqueness of our offering. They demonstrate that quality, impeccable design, service, amenities, coupled with a long-term commitment to communities make all the difference.”

Turnberry Ocean Club Residences is one of several ambitious and transformative developments underway by Turnberry Associates in South Florida, a market in which the family-owned business has demonstrated an unwavering commitment and has made significant contributions to overall growth and prosperity for more than five decades.