The Real Deal Miami

Privé in Aventura takes out $50M loan on remaining condo inventory

Maxim Capital provided the financing for 41 units
By Katherine Kallergis | February 22, 2018 09:45AM

Privé at Island Estates and BH3’s Charlie Phelan, Greg Freedman and Daniel Lebensohn and Gary Cohen

The developers of Privé at Island Estates closed on $50 million in financing for unsold inventory at the luxury condo project in Aventura.

Property records show New York-based Maxim Capital provided the loan to Prive Developers LLC. The financing is for 41 units at Privé, a 150-unit development at 5000 Island Boulevard. That means the developers, BH3’s Charlie Phelan, Greg Freedman and Daniel Lebensohn and Gary Cohen, have sold at least 73 percent of the units since closings began at the end of last year.

Condos range from 2,500 square feet to 6,200 square feet and are priced from $2.3 million to $8.6 million.

The project has been at the center of litigation between the developers and opposing neighbors.

Last month, BH3 and Cohen won a $26 million jury verdict against the Williams Island Property Owners’ Association, which had sought to stop the luxury two-tower development since 2013. A jury found that the association breached a 1982 agreement requiring it not to object or oppose future developments by Cohen on the 84-acre Williams Island. The association is expected to appeal. Other litigation is still pending.

In January 2017, the developers secured $102 million from Maxim and Austin-based Prophet Capital Asset Management for construction. That was in addition to the $25 million Maxim, which specializes in short-term lending, lent in late 2015.

The building includes about 70,000 square feet of amenities with a large art collection, two 10,000-square-foot fitness centers, pools, Jacuzzis, a private marina, cafe, and guest suites and hobby rooms for purchase.