Developers Nab $90M to Build South FL Condos
- Mar 17, 2017
Surfside, Fla.—ASRR 8955 LLC, an affiliate of Israel-based ASRR Capital LTD, and partner Suzer Group of Turkey, have obtained a $90 million construction loan to fund the development of condos on Collins Ave. in Surfside, Fla. Construction on the condos is slated for completion in two years.
The property will be called Arte by Antonio Citterio, and include 16 units in 12 stories. It is named for the designer that the developers have tapped for the project, Antonio Citterio. The building is the Milan-based architect and furniture designer’s first project in the United States.
According to the developers, the units will be delivered furniture ready, with the interiors also designed by Citterio. Each unit will have access to air conditioned garage spaces for three cars.
Common amenities inside the tower will include a spa and indoor and outdoor pools. Across the street will be a separate amenity building, with a garage, 24-hour valet, cigar room, golf simulator, club room and rooftop tennis courts.
Hunton & Williams LLP advised the borrower in the transaction. The loan was originated by Bank Leumi USA, which also acted as administrative agent.