The development of two sister luxury condos on Fisher Island is one step closer to completion.
Fisher Island Investments, the developer behind Palazzo Del Sol and Palazzo Della Luna, just scored a $90 million loan to fund the sellout of the remaining 15 units at Palazzo Del Sol and complete construction of Palazzo Della Luna, the Commercial Observer reported.
New York-based Mack Real Estate Credit Strategies provided the bridge loan. The lender has been busy financing major projects in South Florida. In October, it provided Penn-Florida Companies $318 million in financing for its Via Mizner mixed-use project in Boca Raton.
Palazzo Della Luna will feature 50 units once completed. Residents at the 43-unit, 10-story Palazzo Del Sol include billionaire and former Hasbro CEO Alan Hassenfeld, Yard House founder and CEO Steele Platt, and former Formula One driver Enrique Bernoldi.
Development on Fisher Island, reached only by ferry, boat or helicopter, has been quiet. The Kobi Karp-designed palazzos are two of only three properties to be constructed on the island in the past decade — the third being the 10-story, 29-unit Palazzo Del Mare project built in 2007 on a site east of the towers. [Commercial Observer] – Amanda Rabines