Florida developers land LR bank’s loan

Northwest Arkansas Democrat-Gazette - - BUSINESS & FARM - — David Smith

Bank of the Ozarks re­cently lent more than a quar­ter-bil­lion dol­lars to developers of a re­sort com­mu­nity near Mi­ami, ac­cord­ing to The Real Deal, a real es­tate pub­li­ca­tion in New York City and South Florida. Turn­berry As­so­ci­ates of Aven­tura, a sub­ur­ban city about 20 miles north of Mi­ami, re­cently bor­rowed $259 mil­lion from Lit­tle Rock-based Bank of the Ozarks for Turn­berry Ocean Club Res­i­dences. Con­struc­tion should be­gin by the end of the year, The Real Deal re­ported.

At the end of the first quar­ter, the most re­cent pe­riod for which in­for­ma­tion was avail­able, Bank of the Ozarks had made more than $830 mil­lion in real es­tate loans in the Mi­ami-Fort Lauderdale area.

Development of Aven­tura be­gan in the early 1970s, and the city be­came in­cor­po­rated in 1995. It is home to the lux­ury re­sort Turn­berry Isle and is the site of the fifth-largest shop­ping mall in the coun­try, Aven­tura Mall.

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