Terra, partners boost construction loan for Eighty Seven Park to $155M

September 1, 2017   |   The Real Deal

September 01, 2017

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Terra Group and its partners just took out $63.8 million in construction financing for Eighty Seven Park, boosting their mortgage to $155 million.

Property records show Singapore’s United Overseas Bank Limited is providing the financing to 8701 Collins Development LLC. It adds to the previous $91.2 million the developer secured with the Asian bank.

Eighty Seven Park, designed by Renzo Piano, is being developed by Terra in partnership with Bizzi & Partners Development, Great Eagle Holdings and Vector Group subsidiary New Valley. The developers plan to begin vertical construction soon, but did not provide a date. It was set to go vertical more than a year ago as the condo market slowdown was settling in.

Douglas Elliman is leading sales for the 70-unit, 20-story oceanfront tower planned for 8701 Collins Avenue in North Beach. It’s more than 60 percent sold with more than $250 million in total sales volume, according to a press release.

Prices range from $1.6 million to $15.2 million and units from 1,400 square feet to more than 7,000 square feet.

The tower will feature an underground parking garage, a gym/spa and a rooftop terrace. Rena Dumas Architecture Intérieure and WEST 8 Urban Design & Landscape Architecture, the latter of which designed the Miami Beach Soundscape Park, are also working on the project design. Eighty Seven Park will also be surrounded by a forest of 200 trees that will also infiltrate the ground floor lobby.

Amenities will include access to an outdoor juice bar, salon and full-time botanist.

Terra purchased the property, which was the site of the former Howard Johnson Dezerland Hotel, from Sunny Isles Beach developer Michael Dezer for $65 million in 2013. That hotel, which was originally known as the Biltmore Terrace, was built in the early 1950s and demolished in 2015. Its lobby was designed by famed architect Morris Lapidus.