MARINA PALMS PRE-CONSTRUCTION PROJECT
SECURES CONSTRUCTION
LOAN
In November 2013, the Marina Palms development team closed
on a $98 million loan to fund construction of the project’s north tower. The lender
is HSBC Bank USA, NA.
“This was an ideal loan for us given the highly desirable nature
and uniqueness of the project and the first-class development team that is executing
on the business plan,” said Michael Wadler, vice president of real estate finance
at HSBC Bank USA.
At the time, Neil Fairman, president of the Plaza Group, one
of the development partners, said he was pleased with the project’s progress. “Closing
on our construction loan shows the market we are fully capitalized and will provide
confidence to our buyers and prospective buyers that the proposed development is
now a reality,” he explained. “The loan, along with buyer deposits and our own equity,
will be used to complete construction of the first tower.”
CONSTRUCTION UPDATE
Marina Palms Is officially going vertical with the North
Tower. More than 25 cement trucks rolled in during the early morning hours on January
10 for the first cement pouring of the project.
Columns And Shear Walls were soon to follow, bringing the
North Tower to the Third Floor.
Once The Fourth Floor Frame is done, progress will speed
up to the rate of one floor per week..
Crews estimate that the North Tower’s shell-work will be completed
by fall of 2014.
CHIC NEW MODEL
The Marina Palms 10,000 square foot sales center includes a
full-size two-bedroom model residence designed by Interiors by Steven G. The model
residence was recently redesigned and features a new color palate exemplified by
bright and airy textures that exhibit vibrant accents on a predominately canvas.
The new design is bold, exciting and offers a modern design contrast that
appeals to the most discerning eye. Marina Palms is one of the rare projects
were boating aficionados will be able to satisfy their dream of owning a boat
practically in their backyard, with the infinite possibilities of direct access
to the ocean, or lazily navigating on the beautiful network of canals, lakes
and bays that makes Florida such a special place.
SALES UPDATE
The north tower is virtually sold out and select
penthouses are now available for sale. Sales recently commenced in the south
tower where we are already seeing a large degree of interest from buyers, as
the 2014 sales season kicks off.
The Miami condo market continues to show signs of growth
as we have entered the new year.
The Chairman of the Board for the Miami Association of
Realtors recently stated, “The 23- consecutive months of appreciation of Miami
home and condo prices is a remarkable sign of the vitality and strength of the
South Florida Market.”
The most recent Douglas Elliman Survey of Miami Coastal
Community Sales stated, “The number of sales (condo) increased 18%… outpacing
the growth of inventory which rose 5.4%.” and “Condo price indicators edged
higher as days on market moved faster… price indicators (condos) posted double-digit
gains.”
Marina Palms Preconstruction Project in North Miami Beach was
recently written about in several publications
announcing the significant progress that the project has
made in the current development cycle.
Media had taken note of the project’s success, premier
location and rich amenities package that includes: a full-service yacht club
with 112 slips, butler service, 24-7 valet, a state-of-the-art fitness center
and spa, infinity pool and hot tub, club room with a 100”+ television,
billiards table and bar, activity rooms for kids and teenagers, and convenient
access to dozens of recreational activities in the area, as well as world-class
dining and shopping.
·
WPLG-TV - Attendance up at 2013 Art Basel Miami
Beach
·
WSVN-TV Deco Drive - Marcus Suarez Paints Nude
Model at Marina Palms Art Basel Kickoff Party
·
South Florida Business Journal - Real estate
developers, brokers increasingly marry sales to Art Basel
·
Miami Today - A rising economic tide is lifting
marine industry’s boats
·
The Daily Business Review - Marina Palms Project
Lands $98 Million Construction Loan
·
Yates Magazine - Marina Palms Yacht Club &
Residences Lujosas residencias junto a una excelente marina y un servicio
complete para su yate
·
Condo Vultures - Financing for New Condo Towers
Approaches $1.4 Billion in South Florida
·
Miami Today - Workers pour back into
construction as area’s boom grows
·
The Real Deal South Florida - What’s in store
for SoFla real estate in 2014?
·
Real Estate Biz Now - A Little Miami Beach Body
Art
Visit some of my websites to learn more about the best Condo Pre-construction deals in South Florida.
Call Henry B. Nathan
(800) 416-2747 (954) 296-6741
Email me:
hbnathan@gmail.com
mentioning Marina Palms – Luxury Pre-Construction Homes in North Miami Beach,Florida
Visit some of my websites to learn more about the best Condo Pre-construction deals in South Florida.
