MIAMI BEACH-The 391-unit Trump Royale condominium project has received a $210-million construction loan. The 55-story project is at 18201 Collins Ave. in Sunny Isles.
The borrower in the transaction was Royale Florida Enterprises Inc., whose principals include Michael and Gil Dezer, of New York-based Dezer Development. The financing was arranged by Bilzin Sumberg's Real Estate Group partner Carey Stiss and associate Jason Myers on behalf of the lender Merrill Lynch Capital, a division of Merrill Lynch Business Financial Services Inc. Kevin Rostowsky, who leads Merrill Lynch's southeast division in Atlanta, was the principal lender contact for the transaction. The closing date of the loan was June 28.
Bilzin Sumberg Real Estate Group partner Carey Stiss tells GlobeSt.com that the financing will pay for the majority of the construction of the project. The developers obtained a $40-million loan from Bank of America to cover land acquisition costs and begin construction in fall 2005. Merrill Lynch purchased the existing loan. Stiss adds that Merrill Lynch began offering construction loans about a year ago. "This is one of the largest loans issued by them," Stiss says.
Developers of the project are Dezer Development and New York-based Donald J. Trump Organization. The Trump Royale is the third phase of the $700-million Trump Grande Ocean Resort & Residences project. The first phase consisted of the 372-unit Trump International Sonesta Beach Resort condo hotel which opened in April 2003. The second phase consisted of the 55-story, 278-unit Trump Palace which opened recently. Occupancy at the Trump Royale is scheduled for 2007.
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