The Real Deal Miami

Fisher Island condo project gets construction loan

Developer of Palazzo Del Sol obtains $45 million in financing for 10-story building
By Eric Kalis | November 11, 2014 11:15AM

Palazzo Del Sol rendering

Palazzo Del Sol rendering

The developer of Fisher Island’s first condo project in seven years obtained a $45 million construction loan.

Heinrich von Hanau-led PDS Development LLC received the financing from British Virgin Islands-based Tri-Star Capital Ventures, according to Miami-Dade County records. The transaction was recorded on Monday. The loan is for Palazzo Del Sol, one of two 10-story residential projects von Hanau’s company plans for the island.

Palazzo Del Sol’s sales center is expected to open by month’s end. More than a third of its 47 units, priced from $5 million to just under $33 million, are under contract. Construction is slated for a January 2016 completion.

A three-year-old interfamily global dispute over control of late Georgian billionaire Arkady “Badri” Patarkatsishvili’s assets – including the Palazzo Del Sol site, is close to reaching its conclusion, as previously reported by TRD.