MIAMI—Dezer Development just closed a $214 million loan for the construction of the Porsche Design Tower Miami in Sunny Isles Beach. The deal marks the largest loan approved for a major construction project in the Southeast since the real estate recession, and exponentially larger than any post-recession loan of its kind in South Florida.

At $214 million, it is almost 30% larger than the previous largest substantive construction loan for a South Florida project since the recovery began. Wells Fargo made the loan.

“This is extremely positive news for real estate financing and the recovery of the residential real estate market in South Florida,” says Gil Dezer, president of Dezer, which partnered with Trump to build several condo projects in Sunny Isles during the past cycle. “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.”

The 132-residence, 60-story, ultra-luxury Porsche Design condominium tower is located at 18555 Collins Avenue in Sunny Isles Beach. The project has already secured $535 million in sales—representing more than two-thirds of the units—far exceeding the benchmarks for securing the loan. At current absorption rates, Dezer expects the rest of the units to sell out towards the end of the year.

“The opportunity to be part of Porsche Design's first-of-its-kind real estate venture has been paramount to our sales success,” says Juergen Gessler, CEO of Porsche Design Group. “Featuring the level of superlative quality and groundbreaking ingenuity synonymous with Porsche Design's Iconic Style, buyers understand the unprecedented value of these properties.”

One of the tower's distinguishing features is an automobile lift system that will allow owners to park their vehicles in sky garages right next to their units. There's even a car concierge who will tend to a resident's vehicle, by assisting with regular maintenance, tire rotations, washing, and other services.

The condo units range in size from 4,800 to 17,000 square feet and are priced from $4.8 million to $32.5 million. The building is slated for occupancy first quarter of 2016.