MIAMI-A group of lenders has approved $160 million in financing to the developers of a 47-story condo tower currently under construction in Sunny Isles Beach.
The financing is believed to be the first major construction loan for a condominium project in Miami since the housing crash.
The lenders group led by Birmingham, AL-based Regents Financial Corp. is providing the financing to The Trump Group, a conglomerate controlled by brothers Eddie and Jules Trump (no relation to New York City real-estate developer Donald Trump), according to the Wall Street Journal. The Trump Group is currently building the luxury condo project the Mansions at Acqualina. Condos at the project, which includes amenities such as a private movie theater, a cantilevered swimming pool and a Turkish-style spa, start at $7.75 million, the newspaper reports. See story in the Wall Street Journal.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
