The developers of luxury condo project The Mansions at Acqualina have scored $160 million in financing, the first major construction loan in the Miami region since the housing downturn.
A group of lenders headed by Birmingham, Alabama-based Regions Financial Corp. has agreed to back the high-end, 47-story tower in progress in Sunny Isles Beach, the Wall Street Journal reported. Pricing at the 79-unit building by The Trump Group starts at $7.5 million, and the $55 million Palazzo D’Oro penthouse measures 15,219 square feet, with 5,000 square feet of exterior space. Amenities include a cantilevered, glass-bottomed pool; a Turkish-style spa, firepit, fitness center, virtual golf, poolside private cabanas and a residents-only cinema.
The Trump Group is controlled by brothers Eddie and Jules Trump, who are not related to New York real estate mogul Donald Trump. The brothers, who also have invested in fertilizer, auto parts and fashion, have been building luxury residential developments in South Florida since in mid-1980s. The $160 million loan they secured for The Mansions at Acqualina is the first deal exceeding $100 million for a new condo project since the housing market crashed, HFF LP real-estate analyst Scott Wadler told the Wall Street Journal.
The lending group required the developer to have completed $320 million in presales and as a condition of the loan, specified 50 percent downpayments from buyers, the Wall Street Journal reported.
The loan signals a gradual turnaround in banks’ confidence in the condo market. Until now, most condo builders have financed their projects using their own money, investments from equity funds and buyer deposits up to 80 percent of the apartment purchase prices.
Renderings of The Mansions at Acqualina below: