MIAMI-One Turnberry Place has secured $35 million in acquisition financing. The 136,400-square-foot class A office building is located at the entrance of the Aventura Mall on Biscayne Boulevard.
The buyer, OTP Capital, is an affiliate of Aventura-based Triarch Investment Group. Danny Halberstein, Jorge Linkewer, and Mario Grosfeld lead Triarch. Triarch also owns Aventura Town Plaza, a nearby two-story office and retail building at the entrance to Williams Island.
Aztec Group senior managing director Howard Taft and director Charles Penan secured the loan. Credit Suisse/Column Financial provided the 10-year non-resource loan on 66% loan-to-cost terms with a fixed interest rate.
“One Turnberry’s prime location, conservative loan request and borrower’s proven track record enabled us to arrange financing that allowed our long term client to acquire another key asset for their portfolio” says Taft. Morgan Stanley, Merrill Lynch, Bank Leumi USA, Chase Bank, Fidelity Investments, Brody & Associates and Ameriprise Holdings are among the building’s major tenants.
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