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South Florida

Fisher Island condo project gets construction loan

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.

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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.

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Island Real Estate