Terra, partners pay off Eighty Seven Park’s $155M construction loan

39 of the tower’s 66 units have closed

Eighty Seven Park, David Martin of Terra
Eighty Seven Park, David Martin of Terra

Terra and its partners, developers of Eighty Seven Park, paid off the $155 million construction loan for the recently completed luxury condominium tower in Miami Beach.

The 18-story, luxury tower at 8701 Collins Avenue is architect Renzo Piano’s first residential building in the Western Hemisphere. It was developed by Terra, Bizzi & Partners, New Valley and Pacific Eagle. More than 90 percent of the development’s 66 units have been presold, according to a release.

The first closings were recorded in December, and 39 units have closed to date, property records show. U.S. buyers have accounted for about 50 percent of all unit sales to date, according to the release.

The $155 million construction loan was provided by United Overseas Bank in 2017.

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The building features floor-to-ceiling windows and wrap-around terraces, with each unit featuring panoramic views of the ocean. Famed Parisian architect, Rena Dumas (RDAI), created the tower’s interior and exterior living spaces, according to the release.

Amenities include concierge and butler service, an outdoor juice bar, a full-service salon for residents, and a full-time botanist who assists residents with their private balcony gardens. The units also include large outdoor living spaces with summer kitchens.

Douglas Elliman is handling sales and marketing of Eighty Seven Park.

The building was developed on the site of the former Howard Johnson Dezerland Hotel, originally known as the Biltmore Terrace.
Buyers at Eighty Seven Park include tennis pro Novak Djokovic, who paid $5.77 million for his unit; Jonathan Newhouse, chairman of the Condé Nast board and former CEO of Condé Nast International; as well as Pierre Pomerleau, president and CEO of Pomerleau, one of Canada’s largest construction companies.