MIAMI BEACH-Locally based Regalia Holdings LLC has obtained a $24.6-million preconstruction loan for land acquisition and predevelopment costs associated with the 40-unit, 42-story Regalia condominium development in Sunny Isles. The project is located at 19505 Collins Ave. where Sunny Isles meets Golden Beach.

The financing was obtained through Minneapolis-based Marshall BankFirst. Ron Sweet, of Marshall BankFirst, handled the transaction. Regalia Holdings LLC is comprised of developers Jerry Kaufman, Avra Jain, Paul Cashman Murphy and Susanne Bak Mortensen. "We continue to work closely with the Regalia development team to transition the existing preconstruction loan into a vertical construction loan," Sweet says.

Jain tells GlobeSt.com that the land for the project has already been acquired. The loan was a refinancing of the funds used to acquire the property and some additional funding for predevelopment costs. The project is expected to break ground in June and is slated for a 2009 completion.

The more than 7,600-sf, single-floor residences will feature 5,515 sf of interior space and more than 2,100 sf of exterior space. Prices for the units start at $6.2 million. "It's like having a penthouse on every floor," Jain says.

She adds that the property's location was behind the decision to offer single-floor units of large size. Among features of the units will be unobstructed, 360-degree views of the Atlantic Ocean to the east, Intracoastal Waterway to the west and Golden Beach to the north. Jain says reservations for 10 of the units have been secured. "The property is so compelling," she says. "To have those protected views over the north and west is incredible."