MIAMI-Peebles Atlantic Development Corp. and DLJ Real Estate Capital Partners, the joint venture developing The Residences at The Bath Club, have secured a $117 million construction loan with Bank of America and are moving forward with development. The $157 million luxury oceanfront enclave will consist of 107 condominiums and six villa homes on 5.5 acres of land located at 5937 Collins Ave. here. It is scheduled to begin construction in the first quarter of 2003.

R. Donahue Peebles, president and CEO of Peebles Atlantic Development Corp., says the joint venture chose Bank of America because of its exceptional knowledge of the luxury real estate market, its commitment to quality properties, and the fact that it is one of the largest banks in the nation.

“With construction financing in place, we are ready to break ground as soon as we receive our building permits from the city of Miami Beach, which are expected by February,” Peebles says in a statement. Significant site preparations, such as driving test piles and de-watering the grounds, are scheduled to begin this month.

So far, more than 60% of the residences are under contract. Prices range from $600,000 to more than $6 million. Condo floor plans will include tower residences with two, three or four bedrooms.

The enclave will be built on the grounds of The Bath Club, founded in 1926 as a private bathing and social club for the elite. The Bath Club’s historic buildings will be restored by renowned historic architect Allan Shulman. They will continue to serve as the property’s social hub for residents and club members.

Peebles Atlantic Development Corp., based in Coral Gables, FL, is a national commercial, hospitality and luxury residential real estate development and ownership company.

DLJ Real Estate Capital Partners is an affiliate of Credit Suisse First Boston of New York. DLJ Real Estate Capital Partners’ team of merchant banking professionals focus on opportunistic real estate investments worldwide. The group has 60 acquisition and asset management professionals located internationally.

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