Triarch Capital Lands $35M Refi for Miami-Area Asset

One Turnberry Place. Image courtesy of CBRE

Triarch Capital Group has received $35 million in refinancing for One Turnberry Place, a 137,000-square-foot office building in Aventura, Fla. According to Yardi Matrix data, Nationwide provided the 10-year loan that retires a previous $35 million mortgage from Column Financial Bank. Triarch Capital purchased the Class A asset for $53 million in 2011.

Situated at 19495 Biscayne Blvd. directly in front of Aventura Mall, the 10-story building came online in 1989 and was completely renovated in 2002, Yardi Matrix shows. The property features 18,000-square-foot floorplans and a parking ratio of 3 spaces per 1,000 square feet. Amenities include a Chase Bank branch, cafe and beauty salon. Bank Leumi, Merrill Lynch, Entertainment Benefits Group and CV Advisors are among the tenants.

One Turnberry Place is some 9 miles north of Fort Lauderdale-Hollywood International Airport, while downtown Miami is approximately 18 miles away. In addition to the numerous shopping and dining options available at Aventura Mall, the immediate area holds two hotels and several parks.

CBRE’s Paul Ahmed and Mackenzie Fry represented the owner in the deal. The duo was also part of the team that arranged a $37 million refinancing of a Class A office property in Coral Gables, Fla., last September.