57 Ocean gets construction loan from OZK bank


Render of 57 Ocean and Marcelo Kingston (Photo credit: DBOX)

Multiplan Real Estate Asset Management has entered into a $ 58.5 million construction loan for 57 Ocean, a luxury condo project in Miami Beach.

The promoter, led by Brazilian billionaire José Isaac Peres, secured the loan from OZK Bank. The Little Rock, Arkansas-based bank is still lending in South Florida during the pandemic and recently received final payment on a $ 212 million construction loan from the developers of Ritz-Carlton Residences, Sunny Isles Beach.

Manny de Zárraga and Jesse Wright of JLL organized the funding for 57 Ocean.

The project, located at 5775 Collins Avenue, is more than 50 percent pre-sold and is halfway through construction, according to a press release. When completed in September 2021, the 18-story building will have 70 units ranging from 1,200 square feet to over 3,600 square feet.

Construction of 57 Ocean has been suspended last month after he broke CDC safety rules, but work has since resumed. Construction workers reached the 11th floor of the building this week.

Fortune Development Sales manages project sales. Units start at $ 1.5 million, with a full-story penthouse asking for $ 35 million. Stifel chief investment officer Chuck Roberts is among the buyers of 57 Ocean, paying $ 10.9 million for penthouse two.

Building is designed by Bernardo Fort-Brescia d’Arquitectonica with interiors by Brazilian designer Patricia Anastassiadis.

There is no more story.
Next Why Secured Loan Bonds Won't Cause the Next Financial Crisis

No Comment

Leave a reply

Your email address will not be published. Required fields are marked *