57 Ocean in Miami Beach scores $59M construction loan

70-unit building is more than 50% sold

Rendering of 57 Ocean and Marcelo Kingston (Credit: DBOX)
Rendering of 57 Ocean and Marcelo Kingston (Credit: DBOX)

Multiplan Real Estate Asset Management closed on a $58.5 million construction loan for 57 Ocean, a luxury condo project in Miami Beach.

The developer, led by Brazilian billionaire José Isaac Peres, secured the loan from Bank OZK. The Little Rock, Arkansas-based bank is still lending in South Florida during the pandemic, and recently received the final payment on a $212 million construction loan from the developers of Ritz-Carlton Residences, Sunny Isles Beach.

JLL’s Manny de Zárraga and Jesse Wright arranged the financing for 57 Ocean.

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The project, at 5775 Collins Avenue, is more than 50 percent presold and is over halfway through construction, according to a press release. Once completed in September 2021, the 18-story building will have 70 units ranging from 1,200 square feet to more than 3,600 square feet.

Construction of 57 Ocean was suspended last month after it failed to comply with CDC safety regulations, but work has since resumed. Construction workers reached the 11th floor of the building this week.

Fortune Development Sales is handling sales of the project. Units start at $1.5 million, with a full-floor penthouse asking $35 million. Stifel’s managing director of investments, Chuck Roberts, is among the buyers at 57 Ocean, paying $10.9 million for penthouse two.

The building is designed by Bernardo Fort-Brescia of Arquitectonica with interiors by Brazilian designer Patricia Anastassiadis.