Parque Towers developer scores loan from Wells Fargo

Miami /
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

arrow_forward_ios
$10M closing of Mansions at Acqualina tower suite tops weekly condo sales
$10M closing of Mansions at Acqualina tower suite tops weekly condo sales
$10M closing of Mansions at Acqualina tower suite tops weekly condo sales
A unit at Jade Ocean was the most expensive condo sold last week (Jade Ocean, Redfin)
Jade Ocean unit closing tops Miami’s weekly condo sales
Jade Ocean unit closing tops Miami’s weekly condo sales
A unit at Turnberry Ocean Club was the most expensive condo sold last week (Turnberry Ocean Club)
$11M closing at Turnberry Ocean Club leads weekly condo sales in Miami-Dade
$11M closing at Turnberry Ocean Club leads weekly condo sales in Miami-Dade
Infinity project (Kobi Karp)
GPI Real Estate wins $6M settlement over failed Sunny Isles Beach project
GPI Real Estate wins $6M settlement over failed Sunny Isles Beach project
Federal prosecutors allege Naman Wakil laundered ill-gotten Venezuelan contracts with Miami area condo purchases (Getty)
Miami man charged in Venezuelan money laundering scheme, allegedly using proceeds to buy condos
Miami man charged in Venezuelan money laundering scheme, allegedly using proceeds to buy condos
The highest sale last week was a $17 million penthouse at Porche Design Tower (Porche)
Weekly condo sales dollar volume rises, led by $17M closing at Porsche Design Tower
Weekly condo sales dollar volume rises, led by $17M closing at Porsche Design Tower
DLocal founder Andres Bzurovski with the Porsche Design Tower penthouse (DLocal)
Uruguayan fintech billionaire buys penthouse at Porsche Design Tower
Uruguayan fintech billionaire buys penthouse at Porsche Design Tower
The Penthouse at Mansions at Acqualina has two grand salons and a covered terrace with a pool.
Developer sells Mansions at Acqualina penthouse in Sunny Isles Beach for $27M
Developer sells Mansions at Acqualina penthouse in Sunny Isles Beach for $27M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...