MIAMI BEACH, Fla.--(BUSINESS WIRE)--Miami Beach’s 57 Ocean, an ultra-luxury seaside condominium on the iconic Millionaire’s Row, announced today that it has obtained a $58.5 million construction loan from Bank OZK, arranged by JLL Capital Markets. The financing will support completion of the 18-story project, which is now more than halfway complete (having reached the 11th floor this week) and on schedule for next fall’s projected delivery date.
In total, 57 Ocean, which is being developed by Multiplan Real Estate Asset Management (MultiplanREAM), will feature 70 units, including 18 flow-through Sky Residences and a $35 million, full-floor penthouse. To date, more than half of the units have sold to buyers from high income tax states, including New York and California, as well as high-net-worth individuals from Latin America.
Already, MultiplanREAM, which was founded by internationally revered Brazilian developer Dr. José Isaac Peres, has invested approximately $150 million in cash into the project, ensuring that each benchmark has been met with swift precision and efficiency. The added financing underscores the well-documented success of the project and its strength in the market -- especially in the midst of the current COVID-19 pandemic.
“57 Ocean is not only delivering a unique, healthful-living lifestyle for buyers, but also providing another reassurance for their real estate investment,” said Marcelo Kingston, Managing Partner of MultiplanREAM. “We are extremely proud to work with Bank OZK, the nation’s preeminent construction lender of marquee properties. We have confirmed that we will top out this August and deliver the building in September 2021, as we had originally promoted.”
“Bank OZK is pleased to be financing the final phases of 57 Ocean’s construction and to be working with such a reputable developer,” said Greg Newman, Managing Director of Originations at Bank OZK. “The strong financial capacity of MultiplanREAM, coupled with such a unique real estate asset, exemplify the high standards Bank OZK consistently seeks in its project financings.”
The JLL Capital Markets debt placement team representing MultiplanREAM included Executive Managing Director Manny de Zárraga and Director Jesse Wright.
“We are delighted to be working with MultiplanREAM in supporting the capitalization of this outstanding product,” said de Zárraga. “This liquidity will enable the developer to pursue new opportunities that may emerge during moments of the current global crisis while expanding its footprint in the State of Florida.”
Adding to the momentum, MultiplanREAM and 57 Ocean’s exclusive residential brokerage, Fortune Development Sales, have reported a string of back-to-back transactions at the property. In just 45 days, 11 units totaling $46 million have gone under contract -- an average of 1.3 sales per week. One of the top sales was a four-bedroom, four-and-a-half-bath residence (No. 1702) for $7.3 million to a New York-area buyer. Buyers have singled-out the project for its unparalleled location, contemporary designs, and robust assemblage of holistic “Blue Wellness” amenities and services.
“The excitement surrounding this development continues to build among ultra-luxury homebuyers worldwide -- a testament to MultiplanREAM’s tremendous vision and subsequent success,” said Edgardo Defortuna, CEO of Fortune Development Sales. “We are now looking forward to the next big milestone – 57 Ocean’s topping off later this summer.”
Designed by award-winning architect Bernardo Fort-Brescia of ARQUITECTONICA, with interiors by Brazilian designer Patricia Anastassiadis of Anastassiadis Arquitetos, 57 Ocean will offer two to four-bedroom residences -- starting at $1.5 million -- with sizes ranging from 1,200 to 3,600+ square feet. The well-appointed homes will feature expansive terraces, each stretching up to 12 feet deep, as well as contemporary Italian kitchens and baths by Poliform. In addition to the 10 Sky Residences, which start at $6.95 million, 57 Ocean’s last-remaining penthouse -- designed by Sofia Joelsson of Sofia Joelsson Design -- is priced at $35 million.
Five-star amenities will include a holistic spa with treatments by One Ocean Beauty and a wellness pavilion with a thermal suite and a relaxation and meditation area -- as well as poolside treatment cabanas, a state-of-the-art fitness center with top-of-the-line MyIsle training equipment by MyEquilibria, and an indoor Technogym fitness center. There will also be a children’s activity room, 24-hour concierge services, pool and beachfront concessions and attendants, direct access to the adjacent Miami Beach Walk, and more. For additional information about 57 Ocean, call 305.800.5775 or visit www.57ocean.com.
About Multiplan Real Estate Investment
Florida-based Multiplan Real Estate Asset Management was established by José Isaac Peres to pursue real estate development opportunities in the South Florida real estate market. The natural connections between South Florida and Latin America — from business to personal ties — have continuously re-shaped Miami-Dade County, affording unique opportunities within the development arena. Appreciating that unique synergy, Peres has long maintained a deep admiration for the region, having lived part-time in Miami-Dade since 1998. He furthermore developed the highly-acclaimed Il Villaggio residential and retail community, which is located on Miami Beach’s Ocean Drive and faces both Lummus Park and the beach. From its onset, Il Villaggio enhanced the value of the surrounding neighborhood with its record-setting unit values. In the late 1990’s, he acquired a bayfront parcel off Brickell Avenue, known today as Jade Brickell — a luxury residential condominium which Peres conceptualized and designed. Financially secure and stable, Multiplan Real Estate Asset Management has structured a dedicated domestic development team, partnered with distinguished local partners and now looks to further its opportunities in South Florida.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of more than 93,000 as of December 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
Fortune Development Sales
Fortune Development Sales is the premier, exclusive on-site sales and marketing representative for third-party development projects in South Florida, having represented more than 80 of South Florida’s most successful projects. Led by visionary founder Edgardo Defortuna, Fortune has 18 offices around the world, with nearly 1,000 associates and a worldwide brokerage network, reaching prospective buyers in markets as diverse as South Florida, Manhattan, Buenos Aires, São Paulo, Hong Kong and Paris. Fortune Development Sales is an affiliate of Fortune International Group, a recognized leader in development, sales, and marketing since 1983. www.fortuneintlgroup.com