South Florida Beachfront Ultra-Luxury Condo Gets $558M
The Estates at Acqualina received the construction financing from Bank OZK, allowing The Trump Group to continue development of the $1.5 billion oceanfront condo tower project in Sunny Isles Beach.
Development of The Estates at Acqualina, an ultra-luxury condominium project in Sunny Isles Beach, Fla., is moving ahead with a $558 million construction loan from Bank OZK.
The financing allows the development team, affiliates of The Trump Group (no relation to President Donald Trump) to complete approximately 245 residences at the ocean-side development at 17901 Collins Ave.
“Lenders that are active in South Florida’s condominium market are increasingly focused on the quality of the loans they are financing, in terms of the sponsor’s track record and the development itself,” Alexandra Lehson, a partner in Bilzin Sumberg, the Miami law firm that represented The Trump Group in the transaction, said in a prepared statement.
Lehson was joined by her colleague Jim Shindell, the firm’s Real Estate Department chair, in the deal. Gary Saul and Meredith Singer of Greenberg Traurig served as condominium counsel in the financing deal.
“Since launching The Estates at Acqualina, our clients have demonstrated excitement about this project resulting in strong pre-sales, and now their confidence is being matched by the banking community,” developer Jules Trump said in a prepared statement. “We look forward to expanding the Acqualina brand with two towers defined by unmatched attention to detail, the highest caliber of design excellence, and amenities and services that will be the ultimate in residential living.”
Construction on the first tower in the $1.5 billion project began in May and is expected to be completed by 2020. The development will feature common areas created by famed designer Karl Lagerfeld, whose affiliation with the project dates back to 2016.
“It was our vision to create a unique lifestyle that will set The Estates at Acqualina apart from the rest of the world. The commitment from our buyers and clients has been tremendous. The Estates will be a spectacular celebration of art, architecture and lifestyle,” Eddie Trump, who along with Stephanie Trump, is part of the development team, said in prepared remarks.
The Estates at Acqualina will feature three single-family homes and three, two-story penthouses, all with private pools. Prices for the residences range from $4.2 million to $14 million and up to $34 million for the penthouses.
The project will feature 50,000 square feet in community amenities and resident services including: a spa and fitness center, ice-skating rink, bowling, movie theater, golfing and Formula One simulators, children’s playroom and a speakeasy club. A world-renowned restaurant will be announced later this year.
The residents will also have access to the neighboring Acqualina Resort & Spa and be able to use the luxury resort’s daily housekeeping, in-room dining, children’s programming and child care services, pet care, dry cleaning and laundry services, limousine service, ESPA Spa access and three restaurants.
Bank OZK Florida Activity
While certainly not on the grand scale of The Estates at Acqualina, Bank OZK (formerly known as the Bank of the Ozarks) had been involved in several other Florida financing transactions in recent months. In September, Bank OZK provided a $6.5 million loan for construction of the 285-unit Atlantica Isles, part of the Beachwalk master-planned community in St. John, Fla., being developed by Americrest Luxury Homes. Bank OZK also provided a $28.5 million loan for the construction of a new Hilton-franchised hotel in Fort Lauderdale, Fla., for a joint venture between Merrimac Ventures and Driftwood Acquisitions and Development in August. With a total of 218 keys, the dual-branded hotel will have 106 Home 2 Suites guest rooms and 112 Tru by Hilton guest rooms.