A construction loan has just been issued to build to the developers planning an expansion at the Shore Club, according to the FT.
JPMorgan backed the loan, the report said. It runs for four years and is valued at $430 million.
The loan is for construction of a new residential tower and a boutique hotel
The project includes an 18-story residential tower called Shoreclub Private Collection, designed by Robert A.M. Stern Architects.
Of 49 residential units planned, two thirds are said to have been sold, at an average price of $20 million, or $5,000 per square foot.
The original Shore Club (designed by Albert Anis and completed in 1949) is being preserved and renovated as a 5-star resort by Auberge Resorts Collection designed by Bryan O’Sullivan Studio, with 75 suites.
Another building, The Cromwell (completed 1939) is also being renovated and integrated as a private entrance for residents, with four duplex residences on its upper floors.
Also being built: a 6,000-square-foot single-family beach house as part of the Shoreclub Private Collection, and also designed by RAMSA.
RAMSA collaborated with Miami-based Kobi Karp Architecture & Interior Design on the project.