Miami South Beach Waterfront Project Secures $137M Loan
The financing, which fully capitalizes the 59-unit project, was provided by New York City-based Madison Capital. Construction is underway, with the foundation nearly complete.
MIAMI—New York City-based developer JDS Development Group has closed on a $137-millon construction loan for its Monad Terrace luxury waterfront project currently under construction here in Miami Beach.
The financing, which fully capitalizes the 59-unit project, was provided by New York City-based Madison Realty Capital. Construction is underway, with the foundation nearly complete. The tower is expected to go vertical in the spring of this year and be complete in the fall of 2019. The project was designed in collaboration with Miami-based Kobi Karp Architecture and Interior Design, Inc.
“Securing this loan demonstrates the strength of the project, the attractiveness of the Miami Beach market and the overall demand for luxury housing in Miami,” says Michael Stern, founder and managing partner of JDS Development.
Douglas B. Heitner, Erik Nygaard, and Albert J. Delgado of Kasowitz Benson Torres LLP represented JDS in the transaction. Madison Realty Capital was represented by Jerold C. Feuerstein of Kriss & Feuerstein LLP. The financing was placed by a JLL team led by Aaron Appel.
Josh Zegen, co-founder and managing principal of MRC, says there is virtually no new development product coming out of the ground in South Beach at the moment, so MRC provided a customized financing solution to suit JDS’s needs. “It was a special opportunity to support an A-team in one of the most attractive markets for real estate,” he said.
Jay Phillip Parker, CEO of Douglas Elliman Florida, says the property is already seeing positive sales momentum, noting that sales at Monad Terrace are averaging almost $2,000-per-square-foot and a penthouse unit is currently under contract for $2,700-per-square-foot, a record for the neighborhood. Douglas Elliman Development Marketing is the exclusive sales and marketing agent for the property.
Monad Terrace residences will range from two- to five-bedroom units and will total between 1,453 square feet to 5,350 square feet of interior space. Among the planned amenities include private elevator access, custom kitchens and bathrooms by Jean Nouvel and expansive outdoor terraces. Other building features include climbing gardens and reflecting pools that will complement the property’s central lagoon and ocean views.
JDS has more than 9 million square feet of property primarily in New York City and Miami in various stages of development, including the Walker Tower and Stella Tower, the American Copper Buildings, 111 West 57th St. and The Fitzroy in New York City.
In fact, in February, JDS and Largo Investments secured a $91-million first mortgage loan collateralized by the Fitzroy luxury condominium building on West 24th St.