Regalia takes out $27M loan on unsold units

Money will be used to build out units

Jul.July 06, 2015 10:30 AM

Developers of Regalia, a 46-story condo tower in Sunny Isles Beach, have taken out $27 million in financing for the building’s biggest, and priciest units.

C1 Bank provided the funds to a company titled Regalia Beach Developers, led by Louis R. Montello. The company mortgaged Regalia’s most luxurious units that have yet to sell: No. 3 and No. 43.

What counts as spacious in a building where each residence takes up a full floor?

Unit three, dubbed the beach house, takes up two full floors for a whopping 9,915 square feet of living space. That includes a private spa and plunge pool, plus a 6,500-square-foot wraparound terrace.

Not to be outdone, Regalia’s penthouse (unit 43) takes up four full floors and measures 10,447 square feet. It comes with an extra 2,300 square feet of terraces and has a private rooftop pool, sun deck and spa.

The developer has filed a notice of commencement for both units to begin an “interior build out,” which hints at the use of the financing.

So far, closing prices have matched each unit’s grand size. Buyers have paid upwards of $12 million for a unit, while the beach house and penthouse are asking $27 million and $40 million, respectively.

Regalia, at 19575 Collins Avenue, was completed last year. The tower reached $100 million in sales just two months after launching.

This year, four units have closed with prices ranging from $8 million to $12 million. The last recorded sale was for an $8.4 million unit that was sold to Alfredo Bubion, president of the Regional Steel Corp. Five units remain in the building, according to Miami-Dade County property records.

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