Residences by Armani/Casa Pays Off $315M Construction Loan

With $800 million in contracts expected to close quickly, the building is well on its way to a planned $1 billion sellout.

By John McCurry | January 30, 2020 at 09:11 AM

SUNNY ISLES BEACH, FL—Developers The Related Group and Dezer Development announced the payoff of a $315 million construction loan to Wells Fargo for Residences by Armani/Casa. The 308-unit tower located on the sands of Sunny Isles Beach celebrates the legendary vision of interior design firm Armani/Casa, led by the famed Giorgio Armani; architecture firm Pelli Clarke Pelli, founded by the late César Pelli; and Swiss landscape architecture firm Enzo Enea.

This milestone comes weeks after the tower received its temporary certificate of occupancy (TCO), signaling imminent move-ins for buyers. With $800 million in contracts expected to close quickly, the building is well on its way to a planned $1 billion sellout.

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