Miami developer secures $ 58.5 million to complete condominium on Millionaires Row

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MIAMI BEACH, FL-Even amid the current COVID-19 pandemic and economic downturns, there is still an appetite to buy million dollar oceanfront condo units with five-star amenities.

Bank OZK, a renowned property construction lender, has funded a $ 58.5 million construction loan to Multiplan Real Estate Asset Management to complete the final leg of 57 Ocean, an ultra-luxury 70-unit condominium of 18 stories overlooking the Atlantic Ocean on Millionaires Row in Miami Beach. . The deal was arranged by JLL. 57 Ocean, designed by architect Bernardo Fort-Brescia of ARQUITECTONICA, with interiors by Brazilian designer Patricia Anastassiadis of Anastassiadis Arquitetos, will offer residences with two to four bedrooms and ranging from 1,200 to 3,600 square feet from of $ 1.5 million. Additionally, the Sky Luxury Residences at the property will start at $ 6.95 million and a penthouse unit is priced at $ 35 million.

Fortune Development Sales, the exclusive residential brokerage firm for the property, reported a notable series of back-to-back transactions, saying that in 45 days 11 units were contracted for a total of $ 46 million with a four-bedroom , four and a half. home selling for $ 7.3 million to a New York-area buyer as a bestseller.

José Isaac Peres, Brazilian developer and founder of Florida-based MultiplanREAM, invested around $ 150 million in cash into the project and added “that [the additional] the funding underlines the well-documented success of the project and its strength in the market.

Currently, the property is more than half complete and is expected to be completed by September 2021.


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