Residences by Armani/Casa closes $305M construction loan
The developers of the Residences by Armani/Casa in Sunny Isles Beach just closed on a $305 million construction loan in what is likely the largest financing deal for the year.
Dezer Development and the Related Group, along with Rockpoint Group, secured the financing from Wells Fargo and the Blackstone Group, records filed on Thursday show.
The Real Deal previously reported that Dezer and Related were set to close on a $315 million loan for the project when the developers hosted their groundbreaking ceremony in March.
At the time, Gil Dezer and Carlos Rosso said more than 65 percent of the 308-unit tower was under contract, which comes out to about 200 units and $650 million in sales. It’s expected to total nearly $1 billion once it sells out.
Coastal Construction is the general contractor for the planned 56-story, 649-foot tall tower at 18975 Collins Avenue. The Residences, designed by César Pelli, will also include more than 35,000 square feet of amenities: a lobby lounge, fine dining restaurant, cigar room and wine cellar, heated swimming pool, oceanfront fitness center, two-story spa, movie theater and clubroom, as well as beach amenities. Landscape architect Enzo Enea designed the three-acre garden.
Condos will range in size from 1,350 square feet to 4,160 square feet, and in price from about $2 million to more than $15 million for the Giorgio Armani-furnished penthouse, which comes with a trip to Italy to meet Armani himself.
The development opened a $10 million sales gallery earlier this year complete with a model area, media area and design gallery. Related and Dezer are also collaborating on Hyde Midtown, a mixed-use residential tower in Midtown Miami.
Dezer said in March that he expects the Residences by Armani/Casa to be completed by February of 2019.