May 5, 2020
Florida-based Multiplan Real Estate Asset Management (MultiplanREAM) secured a $58.5 million construction loan from Bank OZK for Miami Beach’s 57 Ocean, an ultra-luxury seaside condominium on the iconic Millionaire’s Row. The financing, arranged by JLL Capital Markets, will support completion of the 18-story project, which is now more than halfway complete, having reached the 11th floor this week, and on schedule for next fall’s projected delivery date.
The project will feature 70 units, including 18 flow-through Sky Residences and a $35 million, full-floor penthouse. So far, more than half of the units have sold to buyers from high income tax states, including New York and California, as well as high-net-worth individuals from Latin America.
MultiplanREAM, which was founded by internationally revered Brazilian developer Dr. José Isaac Peres, has already invested roughly $150 million in cash into the project.
JLL’s Manny de Zárraga and Jesse Wright represented the developer.
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