Parque Towers developer scores loan from Wells Fargo

J. Milton can borrow up to $150 million for two-tower condo project

Aug.August 25, 2014 12:45 PM

The developer of Parque Towers at St. Tropez in Sunny Isles Beach obtained a $15 million loan and the ability to borrow up to $150 million in the future, The Real Deal has learned.

Wells Fargo Bank gave Yosi Gil-led J. Milton & Associates the mortgage in a transaction recorded on Wednesday, according to Miami-Dade County records. J. Milton plans two 26-story condo towers with 160 apiece at 330 Sunny Isles Boulevard. The developer hopes to finish the towers by the end of 2015.

Architecture firm AXIOMA3 and interior design company Hirsch Bedner Associates handled design work for Parque Towers. The project’s two and three-bedroom condos range in size from 1,799 square feet to 2,400 square feet. Planned amenities include restaurants, bars, swimming pools, a gym and 200-person movie theater.

Certain lenders are getting more aggressive when it comes to high-end condo construction loans in South Florida. Earlier this month, the developer of the Surf Club Hotel and Residences obtained a $290 million mortgage from a company managed by Blackstone Real Estate Debt Strategies. Other local projects receiving loans of at least $100 million include Porsche Design Tower and Mansions at Acqualina in Sunny Isles, Brickell City Centre in Miami and Echo Aventura in Aventura.

Oceana Bal Harbour has the largest construction loan to date at $332 million, edging out the $300 million for Faena House in Miami Beach.

Related Articles

From left: Manuel Grosskopf, Edgardo Defortuna and Ritz-Carlton Residences, Sunny Isles Beach

Ritz-Carlton Residences, Sunny Isles Beach gets TCO, starts closings

Jules Trump and the Estates at Acqualina tower

Jules Trump launches sales of second Estates at Acqualina tower

Georgina Pineda and King David Condominium at 17555 Atlantic Boulevard (Credit: Realtor)

Property manager stole HOA money, then gambled it away: police

Bella Apartments at 225 179th Drive (Credit: Google Maps)

Investor buys Sunny Isles apartments

Joseph Milton and Parque Towers

Judge says Parque Towers developer mismarketed condo size

Gil Dezer and Days Hotel by Wyndham Thunderbird Beach Resort

Dezer wins height approval for Sunny Isles’ tallest condo tower

CAPTION: Rendering of Residences by Armani/Casa, Jorge Pérez and Gil Dezer

Gil Dezer, Related complete Residences by Armani/Casa

From left: Gil Dezer, Lionel Mess and Porsche Design Tower

Soccer superstar Lionel Messi scores Porsche Design condo