KUALA LUMPUR, April 25 (Bernama) -- Madison Realty Capital (MRC) has provided a US$137 million (RM 524. 71 million) construction loan to JDS Development Group for Monad Terrace
59 individually-designed waterfront residences in Miami Beach, Florida, US.
Construction is underway with the foundation nearly complete as the tower is expected to go vertical in Spring 2018 and estimated to complete in Fall 2019. The project was designed in collaboration with Miami-based Kobi Karp Architecture and Interior Design, Inc.
The high-design product is by Pritzker Prize- winning architect Jean Nouvel and a plus factor is the South Beach market´s extremely limited new development inventory and viability, a statement said.
"There´s virtually no new development product coming out of the ground in South Beach right now, so we offered a customised financing solution for JDS´s needs given our knowledge of the market, " said co-founder and managing principal of MRC, Josh Zegen.
Michael Stern, founder and managing partner of JDS Development said securing this loan demonstrates the strength of the project, the attractiveness of the Miami Beach market and the overall demand for luxury housing in Miami.
Sales at Monad Terrace are averaging almost US$2,000 (RM 7660) P/PSF and a penthouse unit is under contract for US$2,700(RM 10341) per foot, a record for the neighborhood. The sales and marketing is managed by Douglas Elliman Development Marketing.
Outstanding aspects of the residences is how the project fuses environmental responsibility with innovative climate resilience features into the architecture, starting by elevating the building 11.5 feet, well over Miami Beach standards.
MRC is a New York-based real estate investment firm that pursues real estate equity and debt investments in the middle market. MRC has invested in approximately US$7 billion (RM 26.81 billion) of transactions in the multifamily, retail, office, industrial and hotel sectors.
--BERNAMA
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