MultiplanREAM obtains loan for Miami Beach condo project
The developer of a luxury condominium in Miami Beach, Florida has secured a $ 58.5 million construction loan to finance the completion of the now more than half-completed 18-story project. The property, 57 Ocean, is located on Millionaires’ Row. MultiplanREAM, the promoter, obtained financing from OZK Bank. JLL Capital Markets arranged the loan.
Comprising 70 homes, 57 Ocean offers 18 Sky Residences as well as a $ 35 million penthouse on a full floor. Buyers from New York, California and other high-income states, as well as wealthy Latin Americans, bought more than half of the units.
Two to four bedroom residences are featured at 57 Ocean. Prices start at $ 1.5 million and homes range from 1,200 to 3,600 square feet and up. The residences offer sprawling terraces up to a dozen feet deep. Contemporary Italian kitchens and bathrooms by Poliform are also featured. Prices for Sky Residences start at $ 6.95 million each. Among the most outstanding facilities is a holistic spa with treatments by One Ocean Beauty.
“Timing is essential for any transaction, especially when you are operating in a troubled global market.Said Marcelo Kingston, Managing Director of MultiplanREAM. Multi-housing news.
“We set up a construction loan in less than 30 days which would take an average of 90 days to be structured and closed. Everything had to be done virtually and at high speed, to avoid any further deterioration in the market. Due diligence access to the site, sales center and construction was severely limited due to the COVID crisis, which imposed additional challenges on the team. It took a lot of coordination and the use of technology to allow us to connect and interact with multiple vendors and [meet] our tight deadlines. ”
The JLL Capital Markets debt investment team representing MultiplanREAM consisted of Manny de Zarraga, Executive Managing Director, and Jesse Wright, Managing Director.
MultiplanREAM and the property’s exclusive residential brokerage, Fortune Development Sales, report that 11 units sold in six to seven weeks, including a $ 46 million house and a four-bedroom, four-and-a-half-bath unit. The latter, # 1702, was purchased by a New York-area buyer for $ 7.3 million. Buyers cited location, contemporary designs, and holistic wellness amenities and services as factors in their purchasing decisions.
To date, MultiplanREAM has invested around $ 150 million in development. Despite the impact of the COVID-19 pandemic, the company plans to reach 57 Ocean in August and deliver the building on time in September 2021.
Last week JLL Capital Markets organized the sale of The Loop, a Class A community in the Houston area.