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Four years after scoring approval for a 354-unit luxury apartment tower in North Miami Beach, developer Celal Ozkan lost the site to the lender in bankruptcy court.
An affiliate of CEO Contract, led by Ozkan, will turn over the nearly 1-acre site at 16300 Northeast 19th Avenue to Miami Beach-based Safe Harbor Equity, which had provided an $8.5 million loan for the site in 2022, according to court records. CEO Contract has offices in Istanbul and New Castle, Delaware.
Federal bankruptcy court Judge Laurel M. Isicoff in Miami approved the sale last week to Safe Harbor’s distressed debt fund 3.
A source familiar with the matter said the bankruptcy auction scheduled for Sept. 26 was canceled, likely due to a lack of qualified bidders. Bidders were supposed to offer at least $4.55 million for the site, according to court filings.
This marks the end of a yearslong, bitter feud between CEO Contract and Safe Harbor.
“This is a fantastic property that we are excited to work with a developer to sell this asset,” Chris Spuches, Safe Harbor’s attorney, said, adding the firm won’t be developing the property.
Attorneys and representatives for CEO Contract didn’t return requests for comment.
CEO Contract, through its affiliate, Sky Gardens Residences, bought the vacant property in 2022 for $5.2 million. It scored final approval for the 20-story apartment tower, to be called Sky Gardens Residences, with a rooftop garden and amenities in 2021, according to records. Construction never started.
Plans took a turn beginning in 2022, when CEO Contract borrowed an $8.5 million loan with an 8.75 percent interest rate from Safe Harbor, with a one-year term and two six-month extension options, court records show. CEO Contract, its affiliates, Ozkan and Cagatay Emre Ozkan, COO of CEO Contract, were debt guarantors. Enforcement of their personal guarantees was only triggered in cases of fraud, misappropriation or diversion of the property, or other similar issues, according to CEO Contract’s court filings.
Safe Harbor alleged CEO Contract defaulted by failing to pay the August 2022 and January 2023 debt obligations by the due dates, according to court records. It also alleged that CEO Contract didn’t timely pay the full taxes for 2022. Under a forbearance agreement in 2023, the pair worked out a deal for CEO Contract to pay down the principal to $7.7 million and extend the loan term.
CEO Contract’s Sky Gardens affiliate first sued Safe Harbor last year in Miami-Dade Circuit Court, accusing it of usury and manufacturing the default claims, according to court filings. It also disputed the amount it owes in property taxes and alleged that Safe Harbor pressured CEO Contract into the forbearance agreement and imposed a 2 percent extension fee on the original loan amount of $8.5 million, not on the lower balance of $7.7 million.
At one point, Safe Harbor allegedly tried to impose a retroactive default interest rate, which coupled with other fees amounted to more than the 25 percent maximum annual rate allowed in Florida, CEO Contract alleged in court filings.
In the lawsuit, CEO Contract called Safe Harbor a “greedy lender” running a “vicious campaign” to take over the North Miami Beach site through a “‘loan-to-own’ scheme” and “impairing” the developer’s ability to refinance.
Safe Harbor responded with a countersuit for foreclosure, bringing up the default allegations and also alleging CEO Contract defaulted on the principal payment last year.
In January, CEO Contract filed for Chapter 11 bankruptcy reorganization, which paused the dueling Miami-Dade Circuit Court lawsuits. An order for foreclosure was never issued in that case.
The property is appraised at $18 million, and the proposed project at buildout and lease-up is valued at $161 million, court filings say.
The property will be transferred free and clear from liens, except for a Miami-Dade tax lien for $114,000 for 2024 and 2025 property taxes, filings show.
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var(–wp–preset–gradient–midnight) !important;}.has-small-font-size{font-size: var(–wp–preset–font-size–small) !important;}.has-medium-font-size{font-size: var(–wp–preset–font-size–medium) !important;}.has-large-font-size{font-size: var(–wp–preset–font-size–large) !important;}.has-x-large-font-size{font-size: var(–wp–preset–font-size–x-large) !important;}”,”type”:”list”,”__typename”:”StyleItem”}],”post”:{“id”:”cG9zdDo5OTg1MDA=”,”databaseId”:998500,”title”:”Turkish developer loses North Miami Beach apartment tower dev site to lender”,”status”:”publish”,”slug”:”safe-harbor-takes-over-north-miami-beach-rentals-dev-site”,”uri”:”/miami/2025/11/04/safe-harbor-takes-over-north-miami-beach-rentals-dev-site/”,”link”:”https://therealdeal.com/miami/2025/11/04/safe-harbor-takes-over-north-miami-beach-rentals-dev-site/”,”dateGmt”:”2025-11-04T17:30:08″,”contentTypeName”:”post”,”contentFiltered”:”u003cpu003eFour years after scoring approval for a 354-unit luxury apartment tower in North Miami Beach, developer Celal Ozkan lost the site to the lender in bankruptcy court.u0026nbsp;u003c/pu003enu003cpu003eAn affiliate of u003ca href=”/miami/2021/03/09/proposed-north-miami-beach-mixed-use-multifamily-high-rise-development-advances/”u003eCEO Contractu003c/au003e, led by Ozkan, will turn over the nearly 1-acre site at 16300 Northeast 19th Avenue to Miami Beach-based Safe Harbor Equity, which had provided an $8.5 million loan for the site in 2022, according to court records. CEO Contract has offices in Istanbul and New Castle, Delaware.u0026nbsp;u003c/pu003enu003cpu003eFederal u003ca href=”/miami/2024/06/07/analysis-of-south-florida-cre-foreclosures-in-2024/”u003ebankruptcyu003c/au003e court Judge Laurel M. Isicoff in Miami approved the sale last week to Safe Harbor’s distressed debt fund 3.u0026nbsp;u003c/pu003enu003cpu003eA source familiar with the matter said the bankruptcy auction scheduled for Sept. 26 was canceled, likely due to a lack of qualified bidders. Bidders were supposed to offer at least $4.55 million for the site, according to court filings.u0026nbsp;u003c/pu003enu003cpu003eThis marks the end of a yearslong, bitter feud between CEO Contract and u003ca href=”/miami/2019/06/29/miami-firm-to-raise-200m-for-fund-to-buy-distressed-commercial-real-estate-loans/?utm_source=chatgpt.com”u003eSafe Harboru003c/au003e.u0026nbsp;u003c/pu003enu003cpu003e“This is a fantastic property that we are excited to work with a developer to sell this asset,” Chris Spuches, Safe Harbor’s attorney, said, adding the firm won’t be developing the property.u0026nbsp;u003c/pu003enu003cpu003eAttorneys and representatives for CEO Contract didn’t return requests for comment.u0026nbsp;u003c/pu003enu003cpu003eCEO Contract, through its affiliate, Sky Gardens Residences, bought the vacant property in 2022 for $5.2 million. It scored u003ca href=”/miami/2021/04/21/north-miami-beach-approves-mixed-use-multifamily-skygarden-tower/”u003efinal approvalu003c/au003e for the 20-story apartment tower, to be called Sky Gardens Residences, with a rooftop garden and amenities in 2021, according to records. Construction never started.u0026nbsp;u003c/pu003enu003cpu003ePlans took a turn beginning in 2022, when CEO Contract borrowed an $8.5 million loan with an 8.75 percent interest rate from Safe Harbor, with a one-year term and two six-month extension options, court records show. CEO Contract, its affiliates, Ozkan and Cagatay Emre Ozkan, COO of CEO Contract, were debt guarantors. Enforcement of their personal guarantees was only triggered in cases of fraud, misappropriation or diversion of the property, or other similar issues, according to CEO Contract’s court filings.u0026nbsp;u003c/pu003enu003cpu003eSafe Harbor alleged CEO Contract defaulted by failing to pay the August 2022 and January 2023 debt obligations by the due dates, according to court records. It also alleged that CEO Contract didn’t timely pay the full taxes for 2022. Under a forbearance agreement in 2023, the pair worked out a deal for CEO Contract to pay down the principal to $7.7 million and extend the loan term.u0026nbsp;u003c/pu003enu003cpu003eCEO Contract’s Sky Gardens affiliate first sued Safe Harbor last year in Miami-Dade Circuit Court, accusing it of usury and manufacturing the default claims, according to court filings. It also disputed the amount it owes in property taxes and alleged that Safe Harbor pressured CEO Contract into the forbearance agreement and imposed a 2 percent extension fee on the original loan amount of $8.5 million, not on the lower balance of $7.7 million.u0026nbsp;u003c/pu003enu003cpu003eAt one point, Safe Harbor allegedly tried to impose a retroactive default interest rate, which coupled with other fees amounted to more than the 25 percent maximum annual rate allowed in Florida, CEO Contract alleged in court filings.u0026nbsp;u003c/pu003enu003cpu003eIn the lawsuit, CEO Contract called Safe Harbor a “greedy lender” running a “vicious campaign” to take over the North Miami Beach site through a “‘loan-to-own’ scheme” and “impairing” the developer’s ability to refinance.u0026nbsp;u003c/pu003enu003cpu003eSafe Harbor responded with a countersuit for foreclosure, bringing up the default allegations and also alleging CEO Contract defaulted on the principal payment last year.u0026nbsp;u003c/pu003enu003cpu003eIn January, CEO Contract filed for u003ca href=”/miami/2025/02/06/north-miami-beach-skygarden-developer-files-for-chapter-11/”u003eChapter 11 bankruptcy reorganizationu003c/au003e, which paused the dueling Miami-Dade Circuit Court lawsuits. An order for foreclosure was never issued in that case.u0026nbsp;u003c/pu003enu003cpu003eThe property is appraised at $18 million, and the proposed project at buildout and lease-up is valued at $161 million, court filings say.u003c/pu003enu003cpu003eThe property will be transferred free and clear from liens, except for a Miami-Dade tax lien for $114,000 for 2024 and 2025 property taxes, filings show.u0026nbsp;u003c/pu003enu003csection class=”ReadMoreSection_root”u003entu003ch4 class=”ReadMoreSection_title”u003eRead moreu003c/h4u003enttttttttu003ca class=”BlogrollPost” href=”/miami/2025/10/29/penn-florida-sells-alf-boca-raton-dev-site-to-sobelco/”u003enttttu003carticle class=”BlogrollPost_container”u003entttttu003cfigure class=”BlogrollPost_image FeaturedImage”u003entttttttttttttu003cimg decoding=”async” width=”200″ height=”133″ src=”https://static.therealdeal.com/wp-content/uploads/2025/10/MIA_Penn-Boca-200×133.jpg” class=”FeaturedImage_image wp-post-image” alt=”Penn-Florida Companies’ Mark Gensheimer with the development site at 375 East Royal Palm Road in Boca Raton” loading=”lazy” /u003etttttttttttu003c/figureu003entttttu003cdiv class=”BlogrollPost_content”u003enttttttu003cdiv class=”BlogrollPost_heading”u003entttttttu003cdiv class=”MarketSectorLabel_categoryCityLabelWrapper”u003enttttttttttttttttu003cdiv class=”MarketSectorLabel_sectorLabel”u003entttttttttDevelopmentttttttttu003c/divu003enttttttttttttttttttttttttu003cdiv class=”MarketSectorLabel_marketLabel”u003entttttttttSouth Floridattttttttu003c/divu003entttttttttttttttu003c/divu003enttttttu003c/divu003enttttttu003cdiv class=”BlogrollPost_title”u003ePenn-Florida sells assisted living dev site in Boca Raton for $27M, resolves foreclosure suitu003c/divu003entttttu003c/divu003enttttu003c/articleu003entttu003c/au003enttttttu003ca class=”BlogrollPost” href=”/miami/2025/10/24/north-miami-beach-megaproject-dev-site-on-market-for-26m/”u003enttttu003carticle class=”BlogrollPost_container”u003entttttu003cfigure class=”BlogrollPost_image FeaturedImage”u003entttttttttttttu003cimg decoding=”async” width=”200″ height=”133″ src=”https://static.therealdeal.com/wp-content/uploads/2025/10/MIA_NOrth-Miami-Dev-Site-200×133.jpg” class=”FeaturedImage_image wp-post-image” alt=”” loading=”lazy” /u003etttttttttttu003c/figureu003entttttu003cdiv class=”BlogrollPost_content”u003enttttttu003cdiv class=”BlogrollPost_heading”u003entttttttu003cdiv class=”MarketSectorLabel_categoryCityLabelWrapper”u003enttttttttttttttttu003cdiv class=”MarketSectorLabel_sectorLabel”u003entttttttttDevelopmentttttttttu003c/divu003enttttttttttttttttttttttttu003cdiv class=”MarketSectorLabel_marketLabel”u003entttttttttSouth Floridattttttttu003c/divu003entttttttttttttttu003c/divu003enttttttu003c/divu003enttttttu003cdiv class=”BlogrollPost_title”u003eNorth Miami Beach dev site approved for 1,217-unit megaproject hits market for $26Mu003c/divu003entttttu003c/divu003enttttu003c/articleu003entttu003c/au003enttttttu003ca class=”BlogrollPost” href=”/miami/2025/09/03/ppg-partners-nab-235m-for-north-miami-beach-rental-project/”u003enttttu003carticle class=”BlogrollPost_container”u003entttttu003cfigure class=”BlogrollPost_image FeaturedImage”u003entttttttttttttu003cimg decoding=”async” width=”200″ height=”133″ src=”https://static.therealdeal.com/wp-content/uploads/2025/09/PPG-Partners-Nab-235M-for-North-Miami-Beach-Rental-Project-200×133.jpg” class=”FeaturedImage_image wp-post-image” alt=”PPG, Partners Nab $235M for North Miami Beach Rental Project” loading=”lazy” /u003etttttttttttu003c/figureu003entttttu003cdiv class=”BlogrollPost_content”u003enttttttu003cdiv class=”BlogrollPost_heading”u003entttttttu003cdiv class=”MarketSectorLabel_categoryCityLabelWrapper”u003enttttttttttttttttu003cdiv class=”MarketSectorLabel_sectorLabel”u003entttttttttDevelopmentttttttttu003c/divu003enttttttttttttttttttttttttu003cdiv class=”MarketSectorLabel_marketLabel”u003entttttttttSouth Floridattttttttu003c/divu003entttttttttttttttu003c/divu003enttttttu003c/divu003enttttttu003cdiv class=”BlogrollPost_title”u003ePPG, partners score $235M to build 728-unit North Miami Beach multifamily project u003c/divu003entttttu003c/divu003enttttu003c/articleu003entttu003c/au003enttttu003c/sectionu003enntt”,”noAds”:false,”alternativeHeadline”:{“subheadline”:”Bankruptcy court awarded Safe Harbor Equity the property approved for 354-unit project”,”__typename”:”AlternativeHeadline”},”updatedPost”:{“updated”:false,”date”:”2025-11-04T17:38:00+00:00″,”__typename”:”UpdatedPost”},”aiSummary”:{“summary”:null,”reviewed”:false,”disabled”:false,”autoGenerate”:false,”__typename”:”AISummary”},”audioArticleSettings”:{“audioUrl”:”https://eleven-public-cdn.elevenlabs.io/audio-native/a24c95b71e45d877e2798ceb32ef0ff8b1d79dced18bffc58f5b3a0c6e8468ac/OQZOJVySEHJUw9HeVO0r/OQZOJVySEHJUw9HeVO0r.mp3″,”__typename”:”AudioArticleSettings”},”mainArt”:{“mediaType”:”image”,”image”:{“node”:{“sourceUrl”:”/wp-content/uploads/2025/11/MIA_NMB-Bankruptcy-1400×933.jpg”,”srcSet”:”/wp-content/uploads/2025/11/MIA_NMB-Bankruptcy-1400×933.jpg 1400w, /wp-content/uploads/2025/11/MIA_NMB-Bankruptcy-300×200.jpg 300w, /wp-content/uploads/2025/11/MIA_NMB-Bankruptcy-700×467.jpg 700w, /wp-content/uploads/2025/11/MIA_NMB-Bankruptcy-200×133.jpg 200w, /wp-content/uploads/2025/11/MIA_NMB-Bankruptcy-768×512.jpg 768w, /wp-content/uploads/2025/11/MIA_NMB-Bankruptcy-1024×683.jpg 1024w, /wp-content/uploads/2025/11/MIA_NMB-Bankruptcy-50×33.jpg 50w, /wp-content/uploads/2025/11/MIA_NMB-Bankruptcy.jpg 1500w”,”sizes”:”(max-width: 1400px) 100vw, 1400px”,”caption”:”u003cpu003eCelal Ozkan of CEO Contract with a rendering of the approved Sky Gardens Residences project (Getty, u0026#8230;u003c/pu003en”,”altText”:”Celal Ozkan of CEO Contract with a rendering of the approved Sky Gardens Residences project”,”__typename”:”MediaItem”},”__typename”:”AcfMediaItemConnectionEdge”},”video”:null,”caption”:”Celal Ozkan of CEO Contract with a rendering of the approved Sky Gardens Residences project (Getty, Sky Gardens Residences, Permuy Architecture, Hilco Real Estate)”,”__typename”:”MainArt”},”featuredImage”:{“node”:{“sourceUrl”:”https://static.therealdeal.com/wp-content/uploads/2025/11/MIA_NMB-Bankruptcy-1400×933.jpg”,”srcSet”:”https://static.therealdeal.com/wp-content/uploads/2025/11/MIA_NMB-Bankruptcy-1400×933.jpg 1400w, https://static.therealdeal.com/wp-content/uploads/2025/11/MIA_NMB-Bankruptcy-300×200.jpg 300w, https://static.therealdeal.com/wp-content/uploads/2025/11/MIA_NMB-Bankruptcy-700×467.jpg 700w, https://static.therealdeal.com/wp-content/uploads/2025/11/MIA_NMB-Bankruptcy-200×133.jpg 200w, https://static.therealdeal.com/wp-content/uploads/2025/11/MIA_NMB-Bankruptcy-768×512.jpg 768w, https://static.therealdeal.com/wp-content/uploads/2025/11/MIA_NMB-Bankruptcy-1024×683.jpg 1024w, https://static.therealdeal.com/wp-content/uploads/2025/11/MIA_NMB-Bankruptcy-50×33.jpg 50w, https://static.therealdeal.com/wp-content/uploads/2025/11/MIA_NMB-Bankruptcy.jpg 1500w”,”sizes”:”(max-width: 1400px) 100vw, 1400px”,”caption”:”u003cpu003eCelal Ozkan of CEO Contract with a rendering of the approved Sky Gardens Residences project (Getty, u0026#8230;u003c/pu003en”,”altText”:”Celal Ozkan of CEO Contract with a rendering of the approved Sky Gardens Residences project”,”mediaDetails”:{“sizes”:[{“width”:”1400″,”height”:”933″,”__typename”:”MediaSize”}],”__typename”:”MediaDetails”},”__typename”:”MediaItem”},”__typename”:”NodeWithFeaturedImageToMediaItemConnectionEdge”},”__typename”:”Post”,”template”:{“templateValue”:”right-rail”,”__typename”:”DefaultTemplate”},”seo”:{“title”:”Safe Harbor Takes Over North Miami Beach Rentals Dev Site”,”fullHead”:”u003c!– This site is optimized with the Yoast SEO Premium plugin v26.0 (Yoast SEO v26.1.1) – https://yoast.com/wordpress/plugins/seo/ –u003enu003cmeta name=”description” content=”A bankruptcy judge approved the transfer of Celal Ozkan’s North Miami Beach apartment development site to lender Safe Harbor Equity.” /u003enu003cmeta name=”robots” content=”index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1″ /u003enu003clink rel=”canonical” href=”https://therealdeal.com/miami/2025/11/04/safe-harbor-takes-over-north-miami-beach-rentals-dev-site/” /u003enu003cmeta property=”og:locale” content=”en_US” /u003enu003cmeta property=”og:type” content=”article” /u003enu003cmeta property=”og:title” content=”Turkish developer loses North Miami Beach apartment tower dev site to lender” /u003enu003cmeta property=”og:description” content=”A bankruptcy judge approved the transfer of Celal Ozkan’s North Miami Beach apartment development site to lender Safe Harbor Equity.” /u003enu003cmeta property=”og:url” content=”https://therealdeal.com/miami/2025/11/04/safe-harbor-takes-over-north-miami-beach-rentals-dev-site/” /u003enu003cmeta property=”og:site_name” content=”The Real Deal” /u003enu003cmeta property=”article:publisher” content=”https://www.facebook.com/therealdealmedia/” /u003enu003cmeta property=”article:published_time” content=”2025-11-04T17:30:08+00:00″ /u003enu003cmeta property=”article:modified_time” content=”2025-11-04T17:30:35+00:00″ /u003enu003cmeta property=”og:image” content=”https://static.therealdeal.com/wp-content/uploads/2025/11/MIA_NMB-Bankruptcy.jpg” /u003entu003cmeta property=”og:image:width” content=”1500″ /u003entu003cmeta property=”og:image:height” content=”1000″ /u003entu003cmeta property=”og:image:type” content=”image/jpeg” /u003enu003cmeta name=”author” content=”Lidia Dinkova” /u003enu003cmeta name=”twitter:card” content=”summary_large_image” /u003enu003cmeta name=”twitter:description” content=”Four years after scoring approval for a 354-unit luxury apartment tower in North Miami Beach, developer Celal Ozkan lost the site to the lender in bankruptcy court.u0026nbsp; An affiliate of CEO Contract, led by Ozkan, will turn over the nearly 1-acre site at 16300 Northeast 19th Avenue to Miami Beach-based Safe Harbor Equity, which had provided an $8.5 million loan for the site in 2022, according to court records. CEO Contract has offices in Istanbul and New Castle, Delaware.u0026nbsp; Federal bankruptcy court Judge Laurel M. Isicoff in Miami approved the sale last week to Safe Harbor’s distressed debt fund 3.u0026nbsp; [u0026hellip;]” /u003enu003cmeta name=”twitter:creator” content=”@trdny” /u003enu003cmeta name=”twitter:site” content=”@trdny” /u003enu003cmeta name=”twitter:label1″ content=”Written by” /u003entu003cmeta name=”twitter:data1″ content=”Steven Dilakian” /u003entu003cmeta name=”twitter:label2″ content=”Est. reading time” /u003entu003cmeta name=”twitter:data2″ content=”4 minutes” /u003enu003cscript type=”application/ld+json” class=”yoast-schema-graph”u003e{“@context”:”https://schema.org”,”@graph”:[{“@type”:”NewsArticle”,”@id”:”https://therealdeal.com/miami/2025/11/04/safe-harbor-takes-over-north-miami-beach-rentals-dev-site/#article”,”isPartOf”:{“@id”:”https://therealdeal.com/miami/2025/11/04/safe-harbor-takes-over-north-miami-beach-rentals-dev-site/”},”author”:[{“@type”:”Person”,”@id”:”https://therealdeal.com/#/schema/person/59ad643e34e525ba44cf385eb480dc46″,”name”:”Lidia Dinkova”,”image”:{“@type”:”ImageObject”,”url”:”https://secure.gravatar.com/avatar/8f50db554f29c280c6279bd8cbf09aa15dd40cda5b5963c6a80232b86912c185?s=96u0026#038;d=mmu0026#038;r=g”},”description”:”Lidia Dinkova covers South Florida real estate for The Real Deal. 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