Not since 2007 has a bank loaned a construction loan as large as the recent $214 million one, dispersed by Wells Fargo to the Dezer group (developers of the Porsche Design Tower), set to be erected in Sunny Isles Beach. The Porsche Design Tower project is one of the first of its kind; boasting robotic car elevators for its 132-unit, 60-story condo building. The building’s residences range in size from 4,800 to 17,000 square feet and remaining units are priced from $4.8 million to $32.5 million.
According to Gil Dezer, president of Dezer Development, the preconstruction project at 18555 Collins Avenue in Sunny Isles Beach is projected to sell out by the end of the year. “This is extremely positive news for real estate financing and the recovery of the residential real estate market in South Florida,” Dezer said in a release. “It is also a testament to how this one-of-a-kind project has been received by our buyers, as well as the lending community.” This could be great news for developers and for the commercial real estate industry.