Miami Beach's 57 Ocean Condo Gets Loan Under Tight Deadline Amid Coronavirus
A Bilzin Sumberg team in Miami closed the deal under a tight deadline and working remotely in line with social-distancing requirements imposed because of the pandemic.
May 12, 2020 at 02:06 PM
3 minute read
Bilzin Sumberg real estate partner Jim Shindell and real estate Attorney Hannah Lidicker and corporate attorney Lauren Sabella in Miami. PCourtesy photos
A high-end oceanfront condominium underway in Miami Beach obtained a $58.5 million construction loan with all sides of the deal working remotely during the coronavirus pandemic.
57 Ocean developer Multiplan Real Estate Asset Management, established by Brazilian developer José Isaac Peres to pursue his South Florida real estate vision, obtained the loan from Little Rock, Arkansas-based Bank OZK on May 1.
57 Ocean at 5775 Collins Ave. will be a mid-rise building with 71 luxury units, floor-to-ceiling windows and up to 12-foot deep terraces offering expansive views of the Atlantic Ocean, Intracoastal Waterway, Biscayne Bay and Miami. It will have two- to four-bedroom condos starting at $1.5 million.
The financing was obtained amid the social-distancing mandate and widespread shutdown caused by COVID-19 and also had to be closed under deadline .
The three-week time frame was tight timeline for a construction loan, said Jim Shindell, a real estate partner at Bilzin Sumberg who was part of the legal team that represented MultiplanREAM in the deal.
Shindell worked with real estate attorney Hannah Lidicker and corporate attorney Lauren Sabella in Miami to close the deal. Bilzin real estate partner Martin Schwartz also advised on condo matters.
The law firm already had the technology needed to tackle the transaction remotely.
JLL Capital Markets was MultiplanREAM's financial adviser, and King & Spalding represented Bank OZK.
"The accelerated timeline, combined with the COVID-19 health crisis and remote work setup, really drove the collaborative nature of this deal. Everyone knew their role and what needed to be done to make this happen," Lidicker and Sabella said in a joint statement.
57 Ocean, underway on Millionaire's Row, will include amenities prioritizing residents' health and well-being. There will be a spa with the latest therapeutic treatments, a club with a chef's kitchen and outdoor summer kitchen, two infinity pools looking onto the beach, and an outdoor bar and lounge. There also will be two gyms, an indoor option by Technogym fitness company and an outdoor flexibility training gym by MyEquilibria, as well as a spa pool and children's room.
Construction is set for completion late next year.
Bilzin already closed another construction loan after the COVID-19 lockdown started with a different attorney team.
Starwood Capital, already in South Beach after relocating from Connecticut, is led by billionaire co-founder Barry Sternlicht. Its new six-story office is under construction at 2340 Collins Ave. with funding from the loan that closed March 31.
Bilzin partner Carter McDowell and associate Carly Grimm also counseled Starwood through the development approval process.
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