Palazzo del Sol boosts mortgage to $120M

The developer of Fisher Island’s Palazzo del Sol condominium development boosted its construction loan to $120 million, according to Miami-Dade County records. 

Tri-Star Capital Ventures, Limited granted the $75 million boost to PDS Development, records show. The original loan was in the amount of $45 million in November. It will also be used for future construction of Palazzo Della Luna, which will launch sales at a later date next year, a spokesperson told The Real Deal.

The 47-unit tower is the first new construction on Fisher Island in more than seven years. Built by ASR Construction, Palazzo Del Sol will have 4.5 acres of grounds, designed by landscape architect Enzo Enea. Amenities will include professional fur storage, a cinema-style theater, hair and makeup salon, fitness center designed by The Wright Fit, a Kidville-designed children’s playroom, private massage rooms, meeting room with integrated media systems and two lobbies with an aperitivo bar overlooking the water.

PDS CEO and developer Heinrich Von Hanau, who was the CEO of the Portofino Group when former German bond trader Thomas Kramer first assembled acres of land at the southern tip of Miami Beach more than two decades ago, is spearheading the development. Von Hanau signed the mortgage.

Palazzo del Sol is expected to complete in January 2016.