Miami Beach Condo Lands $62.5 Million in Financing
The residential development in Miami Beach is to be finished sometime between July and September 2019.
October 16, 2017 at 02:46 PM
2 minute read
The living room of a unit at Monad Terrace, a Jean Nouvel-designed tower planned for Miami Beach. |
The developer of the 59-unit Monad Terrace luxury condominiums in Miami Beach has secured $62.5 million in construction financing.
JDS Development Group is building the bayfront 14-story project designed by Pritzker Prize-winning architect Jean Nouvel on the northeast corner of West Avenue and 13th Street.
Two lenders provided part of the financing. The Bank of the Ozarks based in Little Rock, Arkansas, provided a $20 million loan, and the VanBarton Group, a real estate investment and advisory firm, provided $42.5 million in mezzanine financing.
JDS Development purchased 14 adjacent properties in 2015 following an assemblage that was 14 years in the making.
Monad Terrace residences will range from two to five bedrooms and from 2,027 to 13,922 square feet. The price starts at $1.7 million.
Amenities will include a sun deck with a 116-foot swimming pool, a hot tub overlooking Biscayne Bay, cafe, juice bar and a storage room for bicycles and water sports equipment. The penthouses will have private pools on roof decks.
Monad Terrace is to be finished in the third quarter of 2019.
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