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$ 58.5 million for 57 Ocean: guaranteed construction loan

MIAMI BEACH, Florida – () – Miami Beach’s 57 Ocean, an ultra-luxurious oceanfront condominium on iconic Millionaire’s Row, today announced that it has secured a $ 58.5 million construction loan from OZK Bank, arranged by JLL Capital Markets. The funding will support the completion of the 18-story project, which is now more than half complete (having reached 11e floor this week) and on schedule for the expected delivery date next fall.

In total, 57 Ocean, which is developed by Multiplan real estate asset management (MultiplanREAM), will consist of 70 units, including 18 Sky continuous flow residences and a $ 35 million penthouse on a full floor. To date, more than half of the units have been sold to buyers from high-tax states, including New York and California, as well as high net worth individuals in Latin America.

Already, MultiplanREAM, which was founded by internationally renowned Brazilian developer Dr José Isaac Peres, has invested around $ 150 million in cash into the project, ensuring that every benchmark has been met with rapid accuracy and efficiency. The additional funding highlights the well-documented success of the project and its strength in the market, particularly amid the current COVID-19 pandemic.

“57 Ocean not only offers buyers a unique and healthy lifestyle, but also provides other insurance for their real estate investment,” said Marcelo Kingston, Managing Partner of MultiplanREAM. “We are extremely proud to work with OZK Bank, the nation’s premier premium property construction lender. We have confirmed that we will complete in August and deliver the building in September 2021, as we originally promoted. ”

“Bank OZK is delighted to finance the final stages of construction of 57 Ocean and to work with such a reputable developer,” said Greg Newman, General Manager of Originations at Bank OZK. “The solid financial capacity of MultiplanREAM, associated with such a unique real estate asset, illustrates the high standards that Bank OZK constantly seeks in its project financing. ”

The JLL Capital Markets debt investment team representing MultiplanREAM included Executive Managing Director Manny de Zárraga and Managing Director Jesse Wright.

“We are delighted to be working with MultiplanREAM to support the capitalization of this exceptional product,” said de Zárraga. “This liquidity will allow the developer to pursue new opportunities that may emerge during times of the current global crisis while expanding its footprint in the state of Florida.”

Adding to the momentum, MultiplanREAM and the exclusive residential brokerage of 57 Ocean, Fortune Development Sales, reported a series of back-to-back ownership transactions. In just 45 days, 11 units totaling $ 46 million were contracted, an average of 1.3 sales per week. One of the best sellers was a four-bedroom, four-and-a-half-bath residence (# 1702) for $ 7.3 million to a New York-area buyer. Buyers singled out the project for its unprecedented location, contemporary designs, and robust assembly of holistic “Blue Wellness” amenities and services.

“The enthusiasm surrounding this development continues to grow among luxury home buyers around the world, a testament to MultiplanREAM’s formidable vision and subsequent success,” said Edgardo Defortuna, CEO of Fortune Development Sales. “We are now looking forward to the next big step: the 57 Ocean’s will be completed 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. Well-appointed homes will feature expansive terraces, each extending up to 12 feet deep, as well as contemporary Italian kitchens and bathrooms from Poliform. In addition to the 10 Sky Residences, which start at $ 6.95 million, the last remaining 57 Ocean penthouse – designed by Sofia Joelsson of Sofia Joelsson Design – is priced at $ 35 million.

Five-star amenities will include a holistic spa with One Ocean Beauty treatments and a wellness pavilion with a thermal suite and a relaxation and meditation area – as well as poolside treatment cabins, a spa center. State-of-the-art fitness with – state-of-the-art MyIsle workout equipment from MyEquilibria and a Technogym indoor fitness center. There will also be a kids’ activity room, 24-hour concierge services, poolside and beachfront concessions and attendants, direct access to the adjacent Miami Beach boardwalk, and more. For more information on 57 Ocean, call 305.800.5775 or visit www.57ocean.com.

About Multiplan Real Estate Investment

Florida based Multiplan real estate asset management was created by José Isaac Peres to pursue real estate development opportunities in the South Florida real estate market. South Florida’s natural ties to Latin America – from business to personal relationships – have continually reshaped Miami-Dade County, providing unique development opportunities. Appreciating this unique synergy, Peres has long cultivated a deep admiration for the region, having lived part-time in Miami-Dade since 1998. He has further developed the highly acclaimed Il Villaggio residential and commercial community, located on Ocean Drive in Miami Beach. . and faces both Lummus Park and the beach. From its inception, Il Villaggio has enhanced the surrounding neighborhood with its record unit values. In the late 1990s, he acquired a bay-side plot off Brickell Avenue, known today as Jade Brickell – a luxury residential condominium that Peres conceptualized and designed. Financially secure and stable, Multiplan Real Estate Asset Management has structured a dedicated domestic development team, has partnered with distinguished local partners and is now looking to expand its opportunities in South Florida.

JLL

JLL (NYSE: JLL) is a leading professional services firm specializing in real estate and investment management. JLL is shaping the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, incredible spaces and sustainable real estate solutions for our clients, employees and communities. JLL is a Fortune 500 company with annual revenues of $ 18.0 billion, operations in over 80 countries, and a global workforce of over 93,000 people as of December 31, 2019. JLL is the brand name and a registered trademark of Jones Lang LaSalle Incorporated. For more information visit jll.com.

Fortune Development Sales

Fortune Development Sales is the premier, exclusive onsite 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 global brokerage network, reaching potential buyers in markets as diverse as South Florida, Manhattan, Buenos Aires, São Paulo, Hong Kong and Paris. Fortune Development Sales is a subsidiary of Fortune International Group, a recognized leader in development, sales and marketing since 1983. www.fortuneintlgroup.com