Porsche Design Tower lands $214M building loan
The Porsche Design Tower, a 132-unit, 60-story condo with a robotic car elevator, landed a $214 million construction loan from Wells Fargo, the biggest loan for a new condo in South Florida’s post-collapse real estate market, according to the project’s developer, Dezer Development.
Though the move-in date is still years away, the preconstruction project at 18555 Collins Avenue in Sunny Isles Beach has already netted $535 million in sales – representing over two-thirds of the units. At the current rate of absorption, the tower will be sold out by the end of the year, according to Dezer Development president Gil Dezer.
“This is extremely positive news for real estate financing and the recovery of the residential real estate market in South Florida,” Dezer said in a release. “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.”
The building’s residences range in size from 4,800 to 17,000 square feet and remaining units are priced from $4.8 million to $32.5 million.
In a nod to Stuttgart, Germany-based Porsche Design and its first foray into real estate, the tower will have a full-time “car concierge” responsible for coordinating washes, detailing, tire rotation and other maintenance. — Emily Schmall