May 15, 2018
JDS Development Group received $137 million in financing for the construction of Monad Terrace in Miami Beach. The development includes 59 luxury waterfront condominium residences on Biscayne Bay in South Beach. JDS Development’s partners on the project include New Valley LLC, Ackerman Development and Mink Development.
JLL’s Aaron Appel led the team handling the debt assignment with Madison Realty Capital. Appel says, “JLL was able to close one of the largest construction loans issued for a Miami Beach residential development so far this year. It speaks to the quality of Monad Terrace that Madison Realty had the confidence to fully finance the construction of the project.”
Construction on the Jean Nouvel-designed project is slated to begin next month, with completion anticipated in fall 2019.
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