$58.5 million for 57 Ocean: construction loan secured

Ultra-luxury oceanfront condominium in Miami Beach has surpassed 50 percent in pre-sales, while construction, also past the halfway point is on schedule for completion next fall

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57 Ocean
Miami Beach’s 57 Ocean obtained a $58.5 million construction loan from Bank OZK, arranged by JLL Capital Markets.

Miami Beach’s 57 Ocean, an ultra-luxury seaside condominium on the iconic Millionaire’s Row, announced 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 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.