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.