September 27, 2013
The proof continues to roll in; the real estate market in South Florida is recovering. The Porsche Design Tower Miami just received a 214 million dollar construction loan. It is the largest loan for a new condo project in South Florida since the real estate crash.
The Porsche Design Tower Miami is an ultra-luxury condo tower in Sunny Isles Beach. It features 132 units and one-of-a-kind “auto elevators” to transport cars to “sky garages” located right outside of the exclusive residences. Scheduled for a 2016 completion, the innovative tower already has sales contracts totaling 550 million dollars. This accounts for two thirds of the units.
Developer Gil Dezer stated, “This is extremely positive news for real estate financing and the recovery of the residential real estate market in South Florida.”
After the real estate crash, commercial banks withdrew from construction lending. Now that the market is booming, lenders have started to finance new construction projects again. Lenders are specifically looking to back successful developers with projects in ideal locations. In addition to the Porsche Design Tower Miami, the Mansions at Acqualina in Sunny Isles Beach also received a 160 million dollar loan.
For more information on new construction in South Florida, contact The Seaside Group at Douglas Elliman at +1-888-242-4422.
Source: Miami Herald
