One Thousand Museum developers score $90M refi to stave off foreclosure
Reuben Brothers filed foreclosure lawsuit on March 3rd
The developers of the Zaha Hadid-designed One Thousand Museum condo tower in Miami secured a lifeline, The Real Deal has learned.
Louis Birdman, Gilberto Bomeny, Kevin Venger and partners Gregg Covin and Todd Glaser, closed on a $90 million condo inventory loan from Cirrus Real Estate Partners, according to the lender. The refinancing comes less than three weeks after an entity led by the Reuben Brothers filed a foreclosure lawsuit against the developers.
The late Hadid designed the 84-unit, 62-story skyscraper at 1000 Biscayne Boulevard. It was completed in 2019.
Reuben Brothers, the London-based private equity and investment firm led by British billionaire brothers David and Simon Reuben, sued to foreclose on the balance of the mortgage, which was $82.7 million, plus interest, according to the lawsuit. On March 3, at the time of the filing, 15 developer units were yet unsold at One Thousand Museum.
The new loan closed on Monday afternoon, said Joseph McDonnell, a managing partner of Cirrus. It pays off the construction loan, which was originally provided by Fortress Investment Group in 2016.
Jim Fried, president of Sandstone Realty Advisers, was the mortgage broker.
Cirrus, co-led by managing partner Tony Tufariello, a former Fortress executive, expects the developers to sell the remaining units within the next couple of years, McDonnell said.
He and his partner were attracted to the building’s larger floor plans and amenities, and encouraged by the recent uptick in sales, he said. The luxury condo tower includes a rooftop helipad, and counts David and Victoria Beckham as its unit owners.
One Sotheby’s International Realty has been handling developer sales. The brokerage has sold four units totaling more than $33 million so far this year, property records show.
In a statement provided to TRD earlier this month, the developers said they were preparing to pay off the construction loan. Birdman said in a release that the original timeline to secure the loan was “pushed due to travel restrictions that hindered lenders from walking the finished project.”
McDonnell said Cirrus is most active in South Florida and New York and works across real estate sectors.