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| 57 Ocean condominium, under construction in south Miami Beach, FL |
MIAMI BEACH, FL –
Miami Beach’s 57 Ocean,
an ultra-luxury seaside condominium on the iconic Millionaire’s Row, announced it has obtained a $58.5 million construction loan from Bank OZK,
arranged by JLL Capital Markets.
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| Brazilian developer Dr. José Isaac Peres |
The financing will support completion of
the 18-story project, which is now more than halfway complete (having reached
the 11th floor this week) and on schedule for next fall’s
projected delivery date.
In total, 57 Ocean, which is being
developed by Multiplan
Real Asset Management (MultiplanREAM),
will feature 70 units, including 18 flow-through Sky Residences and a $35
million, full-floor penthouse.
To date, more than half of the units have sold
to buyers from high income tax states, including New York and California, as
well as high-net-worth individuals from Latin America.
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| Greg Newman |
Already, MultiplanREAM, which was founded
by internationally revered Brazilian developer Dr. José Isaac Peres, has
invested approximately $150 million in cash into the project, ensuring that
each benchmark has been met with swift precision and efficiency.
The added financing underscores the
well-documented success of the project and its strength in the market --
especially in the midst of the current COVID-19 pandemic.
“57 Ocean is not only delivering a unique,
healthful-living lifestyle for buyers, but also providing another reassurance
for their real estate investment,” said Marcelo Kingston, Managing
Partner of MultiplanREAM.
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| Marcelo Kingston |
“We are
extremely proud to work with Bank OZK, the nation’s preeminent construction
lender of marquee properties. We have confirmed that we will top out this
August and deliver the building in September 2021, as we had originally
promoted.”
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| Edgardo Defortuna |
“Bank OZK is pleased to be financing the
final phases of 57 Ocean’s construction and to be working with such a reputable
developer,” said Greg Newman, Managing Director of Originations at Bank
OZK.
“The strong financial capacity of MultiplanREAM,
coupled with such a unique real estate asset, exemplify the high standards Bank
OZK consistently seeks in its project financings.”
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| Bernardo Fort-Brescia |
The JLL Capital Markets debt placement
team representing MultiplanREAM included Executive Managing Director Manny
de Zárraga and Director Jesse Wright.
“We are delighted to be working with
MultiplanREAM in supporting the capitalization of this outstanding product,”
said de Zárraga. “This liquidity will enable the developer to pursue new
opportunities that may emerge during moments of the current global crisis while
expanding its footprint in the State of Florida.”
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| Patricia Anastassiadis |
Adding to the momentum, MultiplanREAM and
57 Ocean’s exclusive residential brokerage, Fortune Development Sales,
have reported a string of back-to-back transactions at the property.
In just 45 days, 11 units totaling $46 million
have gone under contract -- an average of 1.3 sales per week. One of the
top sales was a four-bedroom, four-and-a-half-bath residence (No. 1702) for
$7.3 million to a New York-area buyer.
Buyers have singled-out the project for its
unparalleled location, contemporary designs, and robust assemblage of holistic
“Blue Wellness” amenities and services.
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| Sofia Joelsson |
“The excitement surrounding this
development continues to build among ultra-luxury homebuyers worldwide -- a
testament to MultiplanREAM’s tremendous vision and subsequent success,” said Edgardo
Defortuna, CEO of Fortune Development Sales.
“We are
now looking forward to the next big milestone – 57 Ocean’s topping off later
this summer.”
Designed by award-winning architect Bernardo
Fort-Brescia of ARQUITECTONICA, with interiors by Brazilian designer Patricia
Anastassiadis of Anastassiadis Arquitetos, 57 Ocean will offer two to
four-bedroom residences -- starting at $1.5 million -- with sizes ranging from
1,200 to 3,600+ square feet.
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| Manny de Zárraga |
The well-appointed homes will feature expansive
terraces, each stretching up to 12 feet deep, as well as contemporary Italian
kitchens and baths by Poliform.
In addition to the 10 Sky Residences, which
start at $6.95 million, 57 Ocean’s last-remaining penthouse -- designed by
Sofia Joelsson of Sofia Joelsson Design -- is priced at $35 million.
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| Jesse Wright |
Five-star amenities will include a
holistic spa with treatments by One Ocean Beauty and a wellness pavilion with a
thermal suite and a relaxation and meditation area -- as well as poolside
treatment cabanas, a state-of-the-art fitness center with top-of-the-line
MyIsle training equipment by MyEquilibria, and an indoor Technogym fitness
center.
There
will also be a children’s activity room, 24-hour concierge services, pool and
beachfront concessions and attendants, direct access to the adjacent Miami
Beach Walk, and more.
For additional
information about 57 Ocean, call 305.800.5775 or visit www.57ocean.com.
CONTACTS:
Sissy
DeMaria
Caroline Underwood
Kreps DeMaria
305.663.3543
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