Pair of Fisher Island luxury residential towers nab $90M in financing

Loan will finance the sell out of Palazzo Del Sol and complete construction of Palazzo Della Luna

Miami /
Jan.January 05, 2018 12:30 PM

Palazzo del Sol (Credit: Mzayat Cliparts)

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


Related Articles

arrow_forward_ios
The partially collapsed 12-story Champlain Towers South condo building (Getty)
Inside the tug-of-war over the Surfside condo site’s future
Inside the tug-of-war over the Surfside condo site’s future
Steele Platt and Sol Kumin with Palazzo Del Sol (Getty, Palazzo Del Sol)
Yard House founder Steele Platt sells Fisher Island condo for $8M
Yard House founder Steele Platt sells Fisher Island condo for $8M
 Adam Neumann (Getty, Bal Harbour Florida)
Ex-WeWork CEO Adam Neumann inks $44M deal for Bal Harbour properties
Ex-WeWork CEO Adam Neumann inks $44M deal for Bal Harbour properties
Alex Sapir and Giovanni Fasciano with Arte by Antonio Citterio in Surfside (Photos via Arte by Antonio Citterio/PR Newswire)
Miami penthouse sets cryptocurrency sale record: $22.5M
Miami penthouse sets cryptocurrency sale record: $22.5M
(Getty, iStock)
Penthouse anyone?: Caroline Wozniacki, David Lee upgrade at Palazzo Del Sol
Penthouse anyone?: Caroline Wozniacki, David Lee upgrade at Palazzo Del Sol
William Patrick McDowell, Camille Roxanne McDowell and Palazzo Del Sol. (Getty, Palazzo Del Sol)
Multifamily real estate honchos buy second Fisher Island condo for $7M
Multifamily real estate honchos buy second Fisher Island condo for $7M
(iStock)
South Florida resi construction starts soar in March
South Florida resi construction starts soar in March
Eden Multifamily heads Jay Massirman and Jay Jacobson with Cypress Equity Investments CEO Michael Sorochinsky (rendering courtesy of MSA Architects)
Eden Multifamily, Cypress Equity score $24M construction loan for Tamarac apartments
Eden Multifamily, Cypress Equity score $24M construction loan for Tamarac 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...