Marina Palms Yacht Club & Residences are currently in development. Nestled in North Miami Beach, a lovely Florida yacht charter destination, the project will feature a state-of-the-art full-service yacht club and superyacht marina with 112 slips for yachts measuring up to 90 feet in length.
Marina Palms, a beautiful Miami yacht charter destination
Marina Palms Yacht Club & Residences recently closed on an $87 million loan to fund construction of its second condominium tower. It’s believed to be the largest construction loan made so far this year to a South Florida condominium developer. Marina Palms has now secured a total of $185 million in construction financing for the development of this iconic waterfront property, which includes the closing of a $98 million construction loan on the first tower in 2013. HSBC Bank USA, NA is the administrative agent and arranger with Branch Banking and Trust Company (BB&T) rounding out the lending group.
“Due to the overwhelming success of the north tower we are excited to provide the construction financing for the south tower.” – Michael Wadler, Vice President of Real Estate Finance, HSBC Bank USA.
This new financing comes about a month after Marina Palms formally topped off its north tower, a major milestone, and as construction is quickly progressing on the new namesake marina.
Groundbreaking event at Marina Palms
“Closing on traditional bank financing for the south tower demonstrates to the community and our buyers the strength of the development team and that we are right on schedule.” – Neil Fairman, President of The Plaza Group.
“Our efficient capitalization structure and our ability to once again access traditional financing markets has allowed us to provide our buyers with a high quality product at a very attractive price point,” Fairman said. “Private equity and specialty finance lenders would have charged a much higher rate that would have added to the project’s financing costs. We have the financial wherewithal to fund and complete construction of the project’s second tower.”
Marina Palms Yacht Club & Residences, located in North Miami Beach, features two 25-story towers with a combined 468 residences.
With the north tower sold out and continued demand for residences in the south tower from international and domestic buyers, Marina Palms Yacht Club & Residences has been selling units at a swift pace in the south tower. The south tower is already approximately 60 percent sold out.
Located at 172nd Street and Biscayne Boulevard, Marina Palms is being developed by affiliates of The Plaza Group and The DevStar Group. The project will feature a state-of-the-art full-service yacht club and marina with 112 slips for yachts up to 90 feet in length. Construction of the state of the art dock structure has already commenced. This is the first residential and full-service marina/yacht club development to be built in Miami-Dade County in more than 20 years. With one million square feet of livable space on a waterfront promenade, the development entices any buyer in search of luxury waterfront living.
Every two- three- and four-bedroom residence and penthouse offers luxury finishes and amenities such as butler service, exclusive boat club for residents, infinity-edge pool and hot tub, a state-of-the-art gym, a spa with treatment rooms, a sauna, a steam room and workout studios, a news café, club room with bar, pool table and 100-inch-plus TV, children’s playroom and teen lounge. The development will have secure, gated-access with 24-7 valet service.
