JV Retires $155M Loan for Luxury Miami Beach Property
- Mar 12, 2020
Less than three years after securing a $155 million construction loan, the partners behind Eighty Seven Park, a luxury condominium development in Miami Beach’s North Beach neighborhood, have paid off the loan as they move forward with more sales at the Renzo Piano-designed tower in South Florida.
A joint venture of Terra, New Valley, Bizzi & Partners Development and Great Eagle Holdings have retired the loan issued in September 2017 by United Overseas Bank to help fund the 18-story luxury residential tower at 8701 Collins Ave. More than 90 percent of the development’s 66 residences have been sold in the tower that was completed in November 2019. The sales to date represent more than $400 million in total transaction value. The remaining residences available for sale range in price from about $2 million to $10 million. Sales were launched in 2016 with buyers from the United States accounting for about half the sales so far and the remainder being acquired by a mix of global buyers. The tower was topped off in November 2018.
Developer David Martin, president of Terra, said in a prepared statement the partners’ ability to pay off the financing shortly after completion is a sign of the strength of the design and development teams and to the high demand they have seen for what he called a one-of-a-kind iconic building and location. The luxury property is bounded by the Atlantic Ocean and a 35-acre public park.
Representing famed architect Renzo Piano’s first residential project in the U.S., Eighty Seven Park also features landscape designs by West 8 and interior and exterior living spaces designed by Paris-based Rena Dumas Architecture Interieure (RDAI). Residences have floor-to-ceiling windows and wrap-around terraces. They range from one- to five-bedroom floorplans, varying in size from 1,400 to more than 7,000 square feet.
Units feature large outdoor living spaces with summer kitchens, European-influenced kitchens and bathrooms and finishes of American Oak, Italian stone and crystal glass walls. Common area amenities include concierge and butler service, swimming pool with cabanas, library, Enoteca wine bar, outdoor juice bar, two-acre private park and garden, state-of-the-art fitness center and a spa with steam rooms and sauna. Services include a full-service salon and a full-time botanist who assists residents with their private balcony gardens.