Turnberry Associates Bailing Out Stalled Condo Complex

Turnberry Associates has formed a joint venture with Concordia AG, a major German real estate company, to take over and complete an unfinished fifth building at the Oceania high-rise condominium complex. The deal also gives Turnberry control of a 5.5-acre oceanfront strip in Sunny Isles Beach for future development.

Bruce Weiner, one of three principals of Turnberry Associates, along with founder Donald Soffer and his son Jeffrey, won’t disclose how much the company is paying to join the venture. However, in addition to buying about $40 million worth of land and estimated profits, published accounts indicate that various project liens have to be paid off and certain liabilities assumed.