Turnberry Associates & LeFrak Close on $101 Million in Financing for SoLeMia in North Miami

Oleta Partners LLC, a partnership between real estate bigwigs LeFrak and Turnberry Associates, has secured a $101 million HUD-insured loan from Wells Fargo for their North Miami development SoLeMia. SoLeMia will ultimately be a 183-acre master-planned community around a 10-acre lagoon with beaches. The entire development will take over 10 years to complete and will feature 4,300 residential units, retail, entertainment and recreation.  The first phase of development will include 2 luxury apartment towers featuring 400 rental apartment units. The buildings will overlook Sunny Isles, Oleta State Park, Biscayne Bay and the Atlantic Ocean. Amenities include pool, rooftop deck/sky lounge, community rooms, a business center, a fitness center, and automated package rooms. The residences will reside next to a SoLēMia as a whole is planned to tally over 4,300 residential units and a town center, which will include shopping, dining, a hotel, and entertainment venues. The entire project is expected to take to a decade to complete.