Marina Palms gets $87M construction loan

Miami /
Mar.March 04, 2015 11:15 AM

Marina Palms Yacht Club & Residences in North Miami Beach received an $87 million construction loan for its second condo tower, developers told The Real Deal.

HSBC Bank arranged the funds with the Branch Banking and Trust Company, bringing the project’s total construction financing to $185 million.

The waterfront development at 172nd Street and Biscayne Boulevard will have two 25-story towers with a combined 468 residences.

The north tower, which was topped off in January, is sold out, and the south tower is roughly 60 percent sold, according to a release. Owners can start moving into the north tower in the summer, when it is scheduled to be completed. Prices for units start in the low $800,000’s.

The development, the first in more than 20 years to be built in Miami-Dade, will have a full-service yacht club and marina with 112 spots for yachts up to 90 feet long. Amenities for the two-, three-, and four-bedroom units and penthouses include luxury finishes, butler service, gym, spa, cafe, club room, infinity-edge pool and 24/7 valet service.

“Closing on traditional bank financing for the south tower demonstrates to the community and our buyers the strength of the development team and that we are right on schedule,” Neil Fairman, president of The Plaza Group, which is co-developing the site with the DevStar Group, said in a statement.


Related Articles

arrow_forward_ios
the Church of God Evangelical at 12830 Northeast Sixth Avenue in North Miami with Daniel Jaramillo and Tomas Sinisterra of Strategic Properties based in Miami (Google Maps, LinkedIn)
Praying for a profit? Developers plan multifamily project on North Miami church site, adjacent property
Praying for a profit? Developers plan multifamily project on North Miami church site, adjacent property
Blue Road’s Marcelo Tenenbaum and Jorge Savloff with Emblem Tower (Northmiamifl, Blue Road, iStock)
Blue Road plans 20-story, 139-unit multifamily project in North Miami
Blue Road plans 20-story, 139-unit multifamily project in North Miami
Carlos Rosso and Jackie Soffer with Rendering of One Park Tower by Turnberry at SoLé Mia (Turnberry, iStock)
Turnberry, Carlos Rosso to develop condo tower at massive SoLé Mia in North Miami
Turnberry, Carlos Rosso to develop condo tower at massive SoLé Mia in North Miami
Jon Paul Pérez and Jorge Pérez (The Related Group, Wikipedia)
Related Group proposes 382 apartments on Johnson & Wales site in North Miami
Related Group proposes 382 apartments on Johnson & Wales site in North Miami
Javier Cervera Jr. sells North Miami apartments for $10M in 1031 exchange
Javier Cervera Jr. sells North Miami apartments for $10M in 1031 exchange
Javier Cervera Jr. sells North Miami apartments for $10M in 1031 exchange
Raimundo Onetto with 11950 North Bayshore Drive (Alta, Google Maps, iStock)
Alta plans waterfront North Miami condo project, pays $15M for apartment building on site
Alta plans waterfront North Miami condo project, pays $15M for apartment building on site
Jockey Club tower I at 11111 Biscayne Boulevard (Google Maps, Miami-Dade County Courts)
Jockey Club residents reignite lawsuit against next-door landowner
Jockey Club residents reignite lawsuit against next-door landowner
1600 Northeast 126th Street and Tate Capital’s Kenny Tate and Jimmy Tate (Google Maps, Tate Capital)
PMG sells its last Johnson & Wales University property in $11M flip
PMG sells its last Johnson & Wales University property in $11M flip
arrow_forward_ios

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

Loading...