One Thousand Museum seeks $331M condo inventory loan

Closings at the 84-unit, 62-story tower expected to begin in July

May.May 29, 2019 08:45 AM
One Thousand Museum (Credit: Facebook)

One Thousand Museum (Credit: Facebook)

UPDATED, May 29, 2:37 p.m.: One Thousand Museum, the Zaha Hadid-designed skyscraper in downtown Miami, is seeking a $331 million condo inventory loan as the project’s completion date nears, The Real Deal has learned.

The project’s developers tapped Lotus Capital Partners to arrange the loan, according to an email obtained by TRD. Financing offers are due June 13.

The development group, which includes Louis Birdman, Gregg Covin, Todd Michael Glaser, Kevin Venger, Gilberto Bomeny and Regalia Group, is seeking a 56.7 percent loan-to-value financing package for unsold units at the 84-unit, 62-story tower, at 1000 Biscayne Boulevard.

According to the Lotus Capital email, the building is expected to receive its temporary certificate of occupancy in June, “thus allowing its pre-sold units to close and substantially paydown (sic) the loan.”

Nearly all of the units have been completed and passed final inspections, according to a spokesperson for the developer. Closings are expected to begin in July.

“The property has has limited inventory available for sale and is in the process of completing seven turnkey residences, which are not currently on the market, but will be available during the season ahead and priced/sold fully furnished,” the spokesperson said.

The building was 82 percent presold as of December, Harvey Daniels of One Sotheby’s International Realty, the building’s sales director, said at the time.

Developers take out condo inventory loans to pay off construction lenders, pull out equity and cover carrying costs of the units they have not yet sold. Regalia Group, one of the building’s developers, has secured inventory loans for Regalia in Sunny Isles Beach.

One Thousand Museum marks Hadid’s first and final residential project in the western hemisphere. The Pritzker Prize-winning architect died in Miami Beach in 2016, after suffering a heart attack while being treated for bronchitis.

Hadid was known for her sinuous, curvaceous designs that pushed the limits of building shapes.

Among the key features of the 83-unit tower is the exoskeleton, which incorporates 4,800 precast panels made in Dubai and shipped to Miami.

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