Turnberry Associates just closed on a $248.9 million loan for an expansion of its Turnberry Isle Miami in Aventura, property records show.
Bank of China provided the financing for the 398-room resort, at 19999 West Country Club Drive. It adds onto a $112 million mortgage Turnberry secured for the property in 2015. Wells Fargo was the lender for the previous loan. Bank of China is providing the additional $136.9 million in financing.
Turnberry, led by siblings Jeffrey and Jackie Soffer, invested $150 million into the property in 2007. Earlier this year, the resort unveiled a $2.5 million renovation of its Ame Spa & Wellness Collective. A spokesperson did not immediately respond to a request for comment.
The Soffers developed the resort in 1971. It features two Raymond Floyd-designed championship golf courses, a spa, Bourbon Steak restaurant by Michael Mina, and the Cañas Tennis Center.
The Aventura-based firm recently closed on a $259 million construction loan from Bank of the Ozarks for Turnberry Ocean Club Residences, which is expected to go vertical by the end of this year.
Turnberry’s developments include Turnberry Ocean Club, Turnberry Ocean Colony, Porto Vita, Fontainebleau Miami Beach and Aventura Mall, which is expanding with a new wing. Turnberry, together with LeFrak, also plans to build SoLē Mia, a mixed-use, master-planned community in North Miami.
The new Turnberry Isle financing marks the second significant loan Turnberry Associates has secured from Bank of China. The Chinese bank lent the company $397.5 million for the Fontainebleau Miami Beach in 2013.