Bank OZK Provides $172M Construction Loan For 2411 Laguna Condominium Transaction

The condominium located at 2411 Laguna Circle in North Miami consists of 292 units and was developed by Jackie Soffer & Alykhan Merali of Turnberry Associates. The construction project was funded by a $172,000,000 construction loan provided by Bank OZK. The loan terms include a 3-year period with two six-month extension options, all under full-term interest-only conditions.

Summary of transaction details:

• Property Type: Condominium
• Transaction Amount: $172,000,000
• Lender: Bank OZK
• Developer: Jackie Soffer & Alykhan Merali - Turnberry Associates
• Brokers: Scott Wadler, Mitch Sinberg, Brad Williamson, Matthew Robbins & Alec Fox - Berkadia

The deal involved key individuals such as Scott Wadler, Mitch Sinberg, Brad Williamson, Matthew Robbins, and Alec Fox representing Berkadia in the transaction. Jackie Soffer and Alykhan Merali, the developers behind the project, worked closely with the lender, Bank OZK, to secure the construction loan for the condominium project in North Miami.