57 Ocean in Miami Beach scores $59M construction loan

70-unit building is more than 50% sold

TRD MIAMI /
May.May 05, 2020 12:30 PM
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.

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.


Related Articles

arrow_forward_ios
Miami Beach Votes To Reopen Pools (Credit: iStock)

Miami Beach votes to reopen pools in resi buildings, but needs the county to sign off

Miami Beach votes to reopen pools in resi buildings, but needs the county to sign off
Miami Beach Mayor Dan Gelber and City Manager Jimmy Morales (Credit: Nicholas Hunt/Getty Images, and Mike Coppola/Getty Images)

Miami-Dade targets June 1 opening date for hotels, beaches following Miami Beach vote

Miami-Dade targets June 1 opening date for hotels, beaches following Miami Beach vote
 Rendering of Father Marquess-Barry Apartments with Matt Rieger

HTG scores financing for senior affordable housing in Overtown

HTG scores financing for senior affordable housing in Overtown
2138 Bay Avenue, Miami Beach (Credit: Google Maps)

Toronto financier pays $14M for Sunset Islands home

Toronto financier pays $14M for Sunset Islands home
A photo illustration of 620 Arvida Parkway (Credit: Compass, iStock)

Staying on the sunny side: South Florida resi brokers see upside in coronavirus

Staying on the sunny side: South Florida resi brokers see upside in coronavirus
Camilo Miguel, Jr. and renderings of the project

Mast Capital wants to build a 290-foot tall Miami Beach condo tower

Mast Capital wants to build a 290-foot tall Miami Beach condo tower
Mayor of Miami Beach Dan Gelber (Credit: Nicholas Hunt/Getty Images)

Miami Beach creates $550K rent relief fund

Miami Beach creates $550K rent relief fund
Ocean Drive after most visitors have checked out of their hotels in a citywide effort to contain COVID-19. (Credit: Joe Raedle/Getty Images)

How badly are SoFla retailers and hotels suffering from Covid-19?

How badly are SoFla retailers and hotels suffering from Covid-19?
arrow_forward_ios

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

Loading...