Marina Palms gets $87M construction loan

Loan brings developer's financing up to $185M

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.

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