The Real Deal Miami

Bellini developer pays off loan with condo sales

Margulies used art as collateral for 1st post-boom tower
September 26, 2013 12:00PM

Bellini Williams Island

Bellini Williams Island

Sales have been good at Bellini Williams Island, poised to be among the first condo tower developments in South Florida’s post-collapse real estate recovery.

Developer and art collector Martin Margulies has sold two penthouses and Bellini’s second Artefacto-designed model unit, more than enough to cover an $80 million loan backed by several valuable paintings.

As the 25-story Bellini tower nears completion, the sales team announced it has closed on the sale of its second model unit for just over $2 million to a Northeastern buyer.

The 2,608-square-foot model unit was designed by Artefacto and is furnished entirely in white, according to the South Florida Business Journal.

Unlike other units in the building, the Artefacto design has a different layout, an open plan between the kitchen, living and dining rooms — a popular trend in interior design, according to the Journal.

Slated to be ready for an October move-in date, the 70-unit building is the last piece of a $10 million investment in Williams Island and could be the current real estate cycle’s first completed condo project.

Margulies, a veteran South Florida developer who exhibits a substantial collection of modernist painting and photography, put up a handful of works as collateral for an $80 million loan from U.S. Trust, as The Real Deal previously reported. [South Florida Business Journal]Emily Schmall