MIAMI—Key International has closed on a $43 million construction loan for 400 Sunny Isles, a waterfront development in Sunny Isles Beach. Regions Bank offered the financing.

The closing comes on the heels of 400 Sunny Isles' recent groundbreaking in July. The joint venture behind the project will use the funds for further development and construction of the luxury condominium.  

“The loan signifies a milestone in the development process at 400 Sunny Isles," says Liliana Paez, president of Key. The 230-unit project has been completely sold out for months and all of the boat slips have been reserved at the development's marina, which is the largest private marina in the immediate area and capable of accommodating megayachts.

Located on 640 feet of bayfront property and walking distance from the ocean, the Chad Oppenheim and Kobi Karp-designed project's unparalleled features and amenities afford an active waterfront lifestyle and an exceptional standard of living. Urbanica Group worked to bring a combination of form and function to the interior design of public areas and amenities.

Located on 163rd Street just west of Collins Avenue, 400 Sunny Isles is set for completion in 2015. The unit mix includes one-, two-, three- and four-bedroom homes. Architectural designs include one-floor units, lofts, townhouses, and penthouses. Ranging in price from $725,000 to $3.7 million, units sixes run from 1,188 square feet to 3,395 square feet.

The joint venture partners include Inigo Ardid, Paez, Rey Melendi, Daryl Shevin, Jacob Roffman, and Dan Mathason. Adam Lustig of Bilzin Sumberg Baena Price & Axelrod represented the joint venture in the transaction with Regions Bank.