Vaster Funded: Turnberry Ocean Club Condo

This high-end oceanfront condominium development was built in 2020 with a total of 54 floors and 154 residences. Each of these residences boasts incredible views of the Atlantic Ocean and Dumfoundling Bay. The eye-catching tower was designed by prominent architect Carlos Zapata and features a contemporary style with tasteful glass.

The specific condo is one of 154 units and has four bedrooms, five full baths, and one half-bath. The square footage of the unit totals over 3,600 square feet. 

Investment Type: Residential

Property Description: Condominium

Loan Amount: $2,565,000

Amenities

The Turnberry Ocean Club has no shortage of high-end amenities to enjoy. The building amenities include 24-hour security and valet services, full-time concierge services, coffee bar, reading lounge, indoor theater, children’s playroom, and indoor/outdoor private dining room with a catering kitchen on the first few floors. 

Outside, the Turnberry Ocean Club is the perfect place to enjoy the sun and surf with a beautiful infinity pool, poolside and poolside services, pool bar, pool restaurant, beach umbrellas, and beach chaise lounges. 

The 30th, 31st, and 32nd floors of the building make up the luxurious Sky Club complete with sunrise and sunset swimming pools, two hydrotherapy wellness spas, private cabanas, outdoor sky theater, and indoor and outdoor fitness centers.

There is also a yoga and pilates studio, locker rooms with steam showers and saunas, a blow-dry and nail salon, relaxation spa, spa treatment rooms, and an outdoor dog-walking area. 

These amenities are only accessible to residents of the 154 Turnberry Ocean Club units. Inside these pristine units, you can find 10’ ceilings, 11’ oceanfront balconies, summer kitchens, and staff quarters, complete with a full bathroom and closet.

In terms of finishes, these units come furnished with Italian-imported Snaidero cabinetry in the kitchen, bathrooms, and laundry room. There are German-imported Gaggenau appliances, including a 48” refrigerator and freezer, traditional oven, convection oven, steam oven, microwave, 36” induction cooktop, dishwasher, built-in coffee maker, and wine coolers. The beautiful marble flooring with wet walls in the bathrooms completes the picture.

Community

Sunny Isles Beach is a small community situated on a barrier island in northeast Miami-Dade County, Florida. To the west of the community is the Intracoastal Waterway, specifically Dumfoundling Bay, and to the east is the Atlantic Ocean. The community has easy access to the nearby cities of Aventura, Hollywood, North Miami Beach, and Miami Shores. 

Sunny Isles Beach is quaint, with only 22,342 residents within just over one square mile of land. The area is growing quickly with its population increasing 36% between the 2000 and 2010 censuses.

In terms of demographics, there are about 86.3 males for every 100 females. 90.6% of the population is Caucasian, with 50.2% non-Hispanic Caucasian and 44.4% Hispanic or Latino of any race. 3.2% of the population is African American, 1.4% is Asian, and 2.2% is multiracial. 

Based on these demographic factors, 40.08% of residents speak Spanish at home, while 36.86% speak English. Sunny Isles Beach has earned the nickname of “Little Moscow” since 7.37% of residents speak Russian as their first language. Sunny Isles Beach has substantial populations of Brazilians, Colombians, Israelis, Peruvians, Romanians, and Venezuelans. 

In 2000, the median income for a household in Sunny Isles Beach was $31,627, and the median income for a family was $40,309 — which equates to about $51,049 and $65,062 in today’s dollars. Males had a higher median income than females at $36,893 compared to $28,207. When this is adjusted for inflation equates to about $59,548 and $45,528. 

Financing

Vaster provided a $2,565,000 bridge loan to an international client who needed a temporary loan while they established credit history in the United States. The client had tried to finance the purchase of a condo with a traditional bank, but the financing fell through near the end of the purchasing process. As a result, the sale of the unit was at stake. 

Thankfully, Vaster came through for the client with a quick bridge loan that closed in just 13 days. So instead of losing the condo and their deposit, the client was able to purchase this long-term investment property with the goal of eventually securing permanent financing. 

Vaster

The client would have lost out on a once-in-a-lifetime opportunity to own a condo at the legendary Turnberry Ocean Club without the help of Vaster. But Vaster doesn’t just provide multi-million dollar loans for high-end residential properties; we provide loans of just about any value for a variety of different property types. 

For instance, if you’re looking to invest in a commercial property, we can provide financing. On the other hand, if you’re looking to purchase raw land to build your own dream property, we can help with that too. Finally, if you’re looking for a traditional single-family home, we can work to make that happen. 

We specialize in bridge loans that are designed to bridge the gap between closing and securing permanent financing. Bridge loans are especially beneficial in today’s real estate market since they are more efficient than traditional loans. They are also more flexible, and we here at Vaster are willing to work with borrowers from all backgrounds to help them conquer the real estate market. 

So if you’re looking for quick and accessible financing, you need to reach out to the lending experts at Vaster. We can help guide you through the application, approval, and closing processes so that you can get the keys to your new property in no time. 

Final Thoughts

Whether your dream property is a multi-million dollar condo in Miami like the Turnberry Ocean Club or a quaint single-family home in Tampa, Vaster can make it happen with our team of experienced and responsive lending experts. Get started on your application today to make your real estate dream a reality. 

Sources:

Turnberry Ocean Club Condo Sales & Rentals | Miami Luxury Homes

Sunny Isles Beach, Florida Population 2021 | World Population Review

Is a Bridge Loan Right for You? | Forbes