Bellini developer pays off loan with condo sales
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