57 Ocean condo project secures $58.5 million construction loan

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57 Ocean rendering
57 Ocean overlooks the Atlantic Ocean on Miami Beach's Millionaire's Row (image by DBOX for 57 Ocean)

Miami Beach’s 57 Ocean condo project says it has obtained a $58.5 million construction loan from Bank OZK, arranged by JLL Capital Markets. The financing will support completion of the 18-story project, which is now more than halfway complete (having reached the 11th floor ) and on schedule for next fall’s projected delivery date.

Multiplan Real Estate Asset Management (MultiplanREAM), founded by Brazilian Dr. José Isaac Peres, has invested about $150 million in cash to develop the 70-unit project, the statement says. To date, more than half of the units have sold to buyers from high income tax states, including New York and California, as well as high-net-worth individuals from Latin America.

“57 Ocean is not only delivering a unique, healthful-living lifestyle for buyers, but also providing another reassurance for their real estate investment,” said MulitplanREAM managing partner Marcelo Kingston. “We are extremely proud to work with Bank OZK, the nation’s preeminent construction lender of marquee properties. We have confirmed that we will top out this August and deliver the building in September 2021, as we had originally promoted.”

“Bank OZK is pleased to be financing the final phases of 57 Ocean’s construction and to be working with such a reputable developer,” said Greg Newman, Managing Director of Originations at Bank OZK. “The strong financial capacity of MultiplanREAM, coupled with such a unique real estate asset, exemplify the high standards Bank OZK consistently seeks in its project financings.”

The JLL Capital Markets debt placement team representing MultiplanREAM included Executive Managing Director Manny de Zárraga and Director Jesse Wright.

Architect Bernardo Fort-Brescia of Arquitectonica has designed the project.

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