Dezer Obtains Record $214M Loan For Porsche Design Tower
The developer of Porsche Design Tower in Sunny Isles Beach has obtained a $214 million construction loan, which sets a post-recession milestone for private residential construction financing in the Southeastern United States.
Dezer Development LLC on Wednesday announced the loan came from a group of lenders led by Wells Fargo for the 18555 Collins Ave. luxury condo project. The loan value exceeds the $160 million obtained by the Trump Group earlier this year for Mansions at Acqualina as the largest for a single residential construction project in the Southeast since the Great Recession.
Dezer’s company plans to build a 60-story, 132-unit tower. It has already secured $535 million in unit sales, representing more than two-thirds of the units, according to the company statement. The loan has not been recorded by Miami-Dade County.
Units are expected to be ready for occupancy by the first quarter of 2016.
"This is extremely positive news for real estate financing and the recovery of the residential real estate market in South Florida," Dezer president Gil Dezer said. "It is also a testament to how this one-of-a-kind project has been received by our buyers as well as the lending community."
Unit sizes range from 4,800 to 17,000 square feet and are priced from $4.8 million to $32.5 million. Amenities include a spa with treatment rooms, an oceanfront ballroom and a multi-purpose club room that includes a movie theater and game room. Unit owners also have access to a concierge who can assist with regular auto maintenance and other services.
Porsche AG division Porsche Design Group has designed an auto lift system to allow owners to park in "sky garages" next to their units.
"The opportunity to be part of Porsche Design's first-of-its-kind real estate venture has been paramount to our sales success," Porsche Design CEO Juergen Gessler said.
Lenders are back in full force providing construction financing for South Florida residential projects following the Acqualina loan in February.
Sunny Isles Beach has been particularly targeted by lenders.