Developers of Zaha Hadid-designed One Thousand Museum pay off condo inventory loan
Developers secured loan in March following foreclosure suit from Reuben Brothers
The developers of the Zaha Hadid-designed One Thousand Museum condo tower in Miami paid off their $90 million condo inventory loan.
An entity led by Louis Birdman, Kevin Venger, Gregg Covin, Gilberto Bomeny and Todd Michael Glaser secured the financing in March from Cirrus Real Estate Partners to pay off an entity led by the Reuben Brothers. The 84-unit, 62-story tower at 1000 Biscayne Boulevard was completed in 2019.
Reuben Brothers had filed a foreclosure lawsuit against the developers weeks prior to the developers securing the inventory financing.
The developers satisfied the condo inventory loan following two sales totaling more than $30 million that occurred during Miami Art Week last week, according to a release provided to The Real Deal. A buyer from Miami acquired a full-floor unit, and a foreign buyer acquired a townhouse unit.
Seventy-six developer sales have been recorded to date, accounting for about 90 percent of units. Three furnished developer units are left, according to a spokesperson.
One Sotheby’s International Realty has been handling sales of the project. Unit owners and residents include David and Victoria Beckham, and hospitality mogul David Grutman.
The building, also referred to as the “Scorpion” tower in an episode of “Impossible Builds” due to the design of its exoskeleton, features a spa, aquatic center and rooftop helipad.
In October, a partnership that includes One Thousand Museum developers Birdman and Venger secured approval for a 649-foot-tall waterfront condo tower in Miami’s Edgewater neighborhood. Michael Konig and Alex Posth are part of the development team for 729 Edge, planned for 710 Northeast 29th Street.