Residences by Armani/Casa closes $305M construction loan

Miami /
Jul.July 08, 2016 07:00 AM

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.


Related Articles

arrow_forward_ios
From left: AMLI Residential’s Gregory Mutz; Terra’s David Martin; Grand Peaks Properties’ Luke Simpson; Related’s Jorge Perez; and Grand Peaks Properties' Nick Simpson (Getty Images, AMLI, Terra, Grand Peaks Properties, Related, Corwil Architects, Arquitectonica)
Development bonanza: Four Miami projects nab approval
Development bonanza: Four Miami projects nab approval
BH Group’s Isaac Toledano with a 55th floor unit at Jade Signature (Yizhak Toledano, The Carroll Group)
Isaac Toledano pays $15M for Sunny Isles penthouse
Isaac Toledano pays $15M for Sunny Isles penthouse
Jade Signature (Google Maps, Getty)
Jade Signature closing tops Miami-Dade’s weekly condo sales
Jade Signature closing tops Miami-Dade’s weekly condo sales
From left: Isaac Toledano, Teddy Sagi, Jorge Pérez and Michael Masanoff with a rendering of Transit Village (Related, LinkedIn, Rendering via Arquitectonica)
Pérez and Sagi’s Transit Village in WPB advances
Pérez and Sagi’s Transit Village in WPB advances
From left: Jorge and Jon Paul Perez, Larry Krueger, Isaac Toledano and Teddy Sagi with 6 Fisher Island Drive (Getty, Google Maps, Wanxiang America, YizhakToledano.org)
Related Group, partners close on $123M Fisher Island site acquisition
Related Group, partners close on $123M Fisher Island site acquisition
Regalia at 19575 Collins Avenue Sunny Isles Beach, Armani Residences at 18975 Collins Avenue Sunny Isles Beach, Asia Brickell Key at 900 Brickell Key Blvd, and Muse at 17141 Collins Avenue Sunny Isles Beach (Condo.com)
Miami-Dade’s August top condo sales show market emerging from summer slowdown
Miami-Dade’s August top condo sales show market emerging from summer slowdown
Fendi Chateau Ocean Residences at 9349 Collins Avenue Surfside (Google Maps, Getty)
Fendi Château tops Miami-Dade’s weekly condo sales
Fendi Château tops Miami-Dade’s weekly condo sales
Manor Broken Sound at 5400 Broken Sound Boulevard in Boca Raton, with Rockpoint’s Bill Walton, Related Group's Jon Paul Pérez and Jorge Pérez and Lincoln Property Company CEO Tim Byrne (Cushman & Wakefield, Rockpoint, Related Group, Wikipedia, Lincoln Property Group)
Lincoln Property pays $194M for newly built Boca apartments
Lincoln Property pays $194M for newly built Boca apartments
arrow_forward_ios

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

Loading...