Muse Sunny Isles To Begin Construction In 1Q 2015 After Securing Construction Loan
Lenders are betting big on Sunny Isles Beach.
In two separate transactions last week, Muse Sunny Isles and Jade Signature obtained construction loans.
Muse will begin construction in early 2015, while Jade is already underway.
COHEN FINANCIAL SECURES $167.6M CONSTRUCTION LOAN FOR CONDOS IN SUNNY ISLES
Muse will feature 60 feet of ocean frontage and unobstructed views.
SUNNY ISLES, FLA. — Cohen Financial has secured a $167.6 million construction loan for Muse, a planned high-end, multifamily property in Sunny Isles, located in northeast Miami. The condominiums will be located at 17141 Collins Ave.
Kevin O’Grady, Daniel Sheehan and Eric McGlynn of Cohen Financial secured the loan with Delaware Life Holdings, a life insurance company owned by shareholders of Guggenheim Partners, a global investment and advisory firm. Property Markets Group (PMG) and S2 Development are the developers for the project.
“We are very pleased to have arranged this loan on behalf of PMG,” says O’Grady. “PMG is an extremely sophisticated and experienced developer, and Muse is very much a reflection of that expertise. Muse is already demonstrating success in sales, and we can’t wait to see what it looks like when completed. We are also pleased to further the construction lending program we have structured with Delaware Life Holdings.”
The 50-story Muse property will feature 60 feet of ocean frontage and unobstructed views. The condominiums will include 68 units with a variety of floor plans, which range from two to five bedrooms starting at 2,360 square feet.
In addition, Muse will consist of two-full floor penthouse units with five bedrooms, four and a half baths, a den and a service suite totaling more than 5,800 square feet. Prices range from $1.9 million to $18.5 million.
Development of the high-rise is scheduled for the first quarter of 2015 with a projected completion date of summer 2017.
HSBC Grants $284 Million Construction Loan to Fortune International for Jade Signature
Fortune International Group, the developer of Jade Signature in Sunny Isles Beach, closed September 26 on a construction loan of up to $284 million from HSBC. “We value our longstanding relationship with HSBC, which has financed many of our properties and projects,” said Edgardo Defortuna, CEO and Founder of Fortune International Group. Jade Signature marks the third Jade property that HSBC has provided a construction loan to, following Jade Residences at Brickell Bay and Jade Beach.
Defortuna announced that over 80 percent of the luxury condominiums are under contract. ”Jade Signature introduces a new standard of luxury and design in Sunny Isles Beach,” said Defortuna, whose companies handle development, design, construction, and finance, as well as development sales and general brokerage.
Jade SignatureCreated by Pritzker Prize-winning architecture firm Herzog & de Meuron, the 192-unit Jade Signature tower is a collaboration between Herzog & de Meuron, Parisian interior design firm PYR, led by Pierre-Yves Rochon, and landscape architect Raymond Jungles.
“We designed Jade Signature from the inside out to create a lifestyle-driven property with a seamless connection to all of its surroundings,” Defortuna said. “I believe this approach is creating a new wave of design for residential buildings in South Florida. With our international team of visionaries, we have put the personal lifestyle of those who will live at Jade Signature before everything else.”
Jade Signature’s owners are primarily second-home buyers who represent 17 nationalities and are among a who’s who from around the world, including New York investment bankers and CEOs. The ultra-luxe 57-story sky rise boasts a seamless connection between the street and arrival, lobby, amenities, and the resort deck and the beach. The amenity levels have an uninterrupted relationship to nature and the environment. Residences are priced at $3 million to over $26 million.
Jade SignatureSuffolk Construction began work on Jade Signature last year. The HSBC loan transaction will support the timely completion of the luxury tower, which is projected for 2017.