Fontainebleau gets $460m in refinancing for Turnberry Ocean Club

Fontainebleau Development secured a $460m loan to refinance its Turnberry Ocean Club project, underway in Sunny Isles, Florida. Newmark Knight Frank arranged the funding, which was provided by JP Morgan Chase and Mack Real Estate Credit Strategies. Started in 2016, the scheme will offer 154 condominiums and amenities like a three-story private club that’s more than 300 feet above ground, as well as marina access, pools, private restaurants, a cocktail lounge, a fitness center and an indoor area for walking pets. Completion is set for the first quarter of 2020.