Miami Beach Condo Project Receives $137M Loan
Kasowitz Benson Torres’ Douglas Heitner, Erik Nygaard and Albert Delgado represented JDS Development Group in the transaction. Jerold Feuerstein of Kriss & Feuerstein worked on behalf of the borrower, Madison Realty Capital.
Madison Realty Capital has provided a $137 million construction loan to JDS Development Group for Monad Terrace, a 59-unit luxury condo project in Miami. Douglas Heitner, Erik Nygaard and Albert Delgado of Kasowitz Benson Torres worked on behalf of JDS, while Jerold Feuerstein of Kriss & Feuerstein represented Madison Realty Capital. A JLL team led by Aaron Appel placed the financing, which will fully capitalize the 14-story project.
New Valley, Ackerman Development and Mink Development are among the partners of the project, which is underway in Miami’s South Beach Bay. Ateliers Jean Nouvel was responsible for the design, in collaboration with Kobi Karp Architecture and Interior Design Inc. The foundation of the tower is nearly complete, with construction expected to go vertical this spring. Private elevator access, custom kitchens and bathrooms, outdoor terraces, climbing gardens and pools have been included in the project.
The new condos average nearly $2,000 per square foot and $2,700 per square foot for the penthouses included in the project. Monad Terrace will include two- to five-bedroom condominiums, ranging in size from 1,453 to 5,350 square feet. The waterfront residences will be part of the South Beach market’s extremely limited new development inventory, with Monad Terrace being the first condo project in Miami Beach to be built above revised flood and sea level elevations. Completion is estimated for the fall of 2019.
“Monad Terrace serves as a landmark for thoughtful and innovative development that is also beautiful and has a strong architectural identity. This product is like nothing else in Miami Beach,” said Michael Stern, founder & managing partner of JDS Development, in prepared remarks.
Images courtesy of JDS Development Group
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