Regalia developers score $29M condo inventory loan

Financing is for penthouse and beach house units

Miami /
Aug.August 02, 2018 11:30 AM

Regalia and Faisal Ashraf of Lotus Capital Partners

Regalia Beach Developers secured a $29 million condo inventory loan for its two remaining unsold developer units — the penthouse and “beach house.”

Atalaya Capital Management, a New York-based alternative investment advisory firm, provided the non-recourse financing, Lotus Capital Partners’ Faisal Ashraf said. Lotus, an independent real estate bank also based in New York, arranged the loan.

A group led by developers Kevin Venger and Louis R. Montello completed the 39-story tower at 19575 Collins Avenue in 2014, but listed the beach house unit for $35 million in 2016 and the penthouse last year for $39 million.

The six-bedroom, three-story penthouse includes a rooftop pool, movie theater and wine cellar. The beach house, a two-story unit on the third and fourth floors of the tower, also includes a pool and 6,500 square feet of outdoor space. Both units were finished by interior designer Charles Allem.

Now that financing from traditional local banks has dried up, Ashraf, founder and managing partner of Lotus, said there’s an opportunity for out-of-state private capital to lend to developers in South Florida. His company also arranged a nearly $400 million financing package last year for Via Mizner, a mixed-use project in Boca Raton.

The Regalia financing has a four-year loan term and will be used to pay off the existing loan and cover carrying costs. In 2015, the developers took out a $27 million from C1 Bank, now Bank OZK, to finance the two units.

The building features six pools, a spa, cabanas, a fitness center, yoga studio, children’s playhouse, a chef’s kitchen and a champagne bar and wine cellar. It’s on the northern border of Sunny Isles, next to Golden Beach.

Douglas Elliman’s Chad Carroll has the listings for both remaining units.


Related Articles

arrow_forward_ios
From left: Jim Cohen, Nancy Corey, Nathan Zeder, Alicia Cervera Lamadrid, Phil Gutman and Mike Pappas (iStock)

South Florida’s pandemic-fueled residential market poised for bull run in 2021

South Florida’s pandemic-fueled residential market poised for bull run in 2021
Kathleen DuRoss Ford and 300 North Lake Way (Getty, Google Maps)

Kate Ford’s Palm Beach estate sells for $55M

Kate Ford’s Palm Beach estate sells for $55M
Jeffrey Soffer and Turnberry Ocean Club (Getty, iStock)

Argentine politico drops $12M on two units at Turnberry Ocean Club

Argentine politico drops $12M on two units at Turnberry Ocean Club
Oprah Winfrey and (inset) Lawrence Stroll over the unit (Getty)

You get a condo! Billionaire Lawrence Stroll sells Oprah’s former Fisher Island penthouse

You get a condo! Billionaire Lawrence Stroll sells Oprah’s former Fisher Island penthouse
Inside look at the Ritz-Carlton Residences Sunny Isles: PHOTOS

Inside look at the Ritz-Carlton Residences Sunny Isles: PHOTOS

Inside look at the Ritz-Carlton Residences Sunny Isles: PHOTOS
Photo courtesy of David Iglesias

Boca Beach House condo project scores $43M construction loan

Boca Beach House condo project scores $43M construction loan
Nick Rojo and Jeff Burns (Affiliated, iStock)

Affiliated Development launches $125M workforce housing fund

Affiliated Development launches $125M workforce housing fund
Tom Cabrerizo and 6790-6880 Southwest 80th Street (Google Maps)

Developers score $15M construction loan for Miami townhouse development

Developers score $15M construction loan for Miami townhouse development
arrow_forward_ios

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

Loading...