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MIAMI BEACH-Locally based Regalia Holdings LLC has obtained a$24.6-million preconstruction loan for land acquisition andpredevelopment costs associated with the 40-unit, 42-story Regaliacondominium development in Sunny Isles. The project is located at19505 Collins Ave. where Sunny Isles meets Golden Beach.
The financing was obtained through Minneapolis-based MarshallBankFirst. Ron Sweet, of Marshall BankFirst, handled thetransaction. Regalia Holdings LLC is comprised of developers JerryKaufman, Avra Jain, Paul Cashman Murphy and Susanne Bak Mortensen."We continue to work closely with the Regalia development team totransition the existing preconstruction loan into a verticalconstruction loan," Sweet says.
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