Miami-scene Photo of Miami byShutterstock

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MIAMI BEACH, FL-Even in the midst of the current COVID-19pandemic and economic slowdowns, there is still an appetite to buymillion-dollar seaside condo units with five-star amenities.

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Bank OZK, a construction lender of marquee properties, financeda $58.5 million construction loan to Multiplan Real Estate AssetManagement to complete the final stage of 57 Ocean, a 70 unit, 18story ultra-luxury condominium overlooking the Atlantic Ocean onMiami Beach's Millionaires Row. The deal was arranged by JLL . 57Ocean, designed by architect Bernardo Fort-Brescia ofARQUITECTONICA, with interiors by Brazilian designer PatriciaAnastassiadis of Anastassiadis Arquitetos, will offer two tofour-bedroom residences and ranging from 1,200-3,600+ square feetstarting at $1.5 million. In addition, luxury sky residences, atthe property, will start at $6.95 million and a penthouse unit ispriced at $35 million.

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Fortune Development Sales, the exclusive residential brokeragefirm for the property, reported a notable string of back to backtransactions, stating that within 45 days 11 units have gone undercontract totaling $46 million with a four-bedroom, four-and-a-halfresidence selling at $7.3 million to a New York-area buyer as thetop sale.

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José Isaac Peres, Brazilian developer and founder ofFlorida-based MultiplanREAM invested approximately $150 million incash into the project and added "that [the additional] financingunderscores the well-documented success of the project and itsstrength in the market."

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Currently, the property is more than halfway completed and isexpected to be finished by September 2021.

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