Florida developers land LR bank’s loan
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.