MIAMI—We've been exploring this week how lenders are looking at financing for new condos in South Florida. We explored many questions, including “are capital markets all about relationship?” and “are lenders about to cool on Miami?”

Cohen Financial is offering some answers of its own with a mega construction loan for Muse in Sunny Isles, FL. The real estate capital services firm secured a $167.6 million loan for the high-end condo.

Kevin O'Grady and Daniel Sheehan, both senior managing directors, and Eric McGlynn, director of Cohen's Equity Practice, secured the loan with Delaware Life Holdings, a life insurance company owned by shareholders of Guggenheim Partners, the global investment and advisory firm. Property Markets Group (PMG) and S2 Development are developing Muse.

 “PMG is an extremely sophisticated and experienced developer, and Muse is very much a reflection of that expertise,” says O'Grady. “Muse is already demonstrating success in sales, and we can't wait to see what it looks like when completed. We are also pleased to further the construction lending program we have structured with Delaware Life Holdings.”

Muse is located at 17141 Collins Avenue in Sunny Isles. Development of the high-end property is scheduled for the first quarter of 2015 with a projected completion date of summer 2017.

Muse features 60 feet of ocean frontage, unobstructed views and a variety of floor plans from two to five bedrooms starting at 2,360 square feet. Muse will also offer two-full floor penthouse units with five bedrooms, four and a half baths, a den and a service suite totaling more than 5,800 square feet.