Marina Palms Yacht Club & Residences closed on a $98 million loan to fund construction of the project’s first residential tower located on the north side of the waterfront property. 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.
Marina Palms Yacht Club & Residences, located in North Miami Beach, features two 25-story towers with a combined 468 residences. Construction began on the North Tower in September. Virtually all of its 234 residences have been sold with only penthouses now available for purchase. Coastal Construction is the general contractor.
Due to continued strong buyer demand, Marina Palms will begin selling residences in the South Tower with introductory prices averaging at $550 per square foot.
“Our first building was a major success and we are transitioning our sales momentum into phase two of the project,” said Anthony Burns, a principal of The DevStar Group, one of the development partners. “The demand to own a well-located condominium residence in South Florida remains strong and Marina Palms Yacht Club & Residences offers one of the best values in the area for a luxury product that promotes life on the water. We anticipate selling out the South Tower by the end of 2014.”
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 stateof- the-art full-service yacht club and marina with 112 slips for yachts up to 90 feet in length. Demolition of the existing 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 over more than 20 years.
Marina Palms Yacht Club & Residences offers amenity-rich living, unparalleled services and a boating lifestyle. With one million square feet of livable space fronting a waterfront promenade, the development will entice any buyer in search of luxury waterfront living.
Every two- three- and four-bedroom residence and penthouse offers luxury finishings and amenities such as butler service, infinity- edge pool and hot tub, a state-of-the-art gym, a spa with treatment rooms, sauna, steam room and workout studios, news café, club room with bar, billiard table and 100” plus TV, children’s playroom and teen lounge and secure, gated access with 24-7 valet service.
For sales information visit www.marinapalms. com or contact Sales DirectorMichael Internoscia at minternoscia@marinapalms.com or call (305) 508-5552.
About Marina Palms:
Marina Palms Yacht Club & Residences represents the first luxury high-rise and full-service marina/yacht club development in Miami-Dade County in more than 20 years. Developed by affiliates of The Plaza Group and The DevStar Group, the two residential towers each will have 25 floors with a combined 468 condo units. The marina and yacht club will offer concierge service and 112 slips with mooring for yachts in excess of 90 feet. To learn more, visit www.marinapalms.com.
About The Plaza Group:
During the past two decades, Neil Fairman, President and Founder of The Plaza Group, has successfully foreseen opportunities that result in world- class real estate developments. From hotels and high-rise, luxury residences to retail shopping centers and commercial space, their diverse portfolio of real estate projects has reshaped communities and spurred real estate trends. Successful projects include The Palms in Fort Lauderdale and Ocean Palms in Hollywood Beach.
About The DevStar Group:
The DevStar Group is a development and investment firm headquartered in Miami, FL that focuses on the high-end residential condominium market. DevStar principals have spearheaded the redevelopment and sales efforts of some of South Florida’s most exciting luxury condominium projects including the 47-story Paramount Bay located in the Edgewater District of Miami and Ocean House South Beach, a collection of boutique oceanfront residences located in the exclusive South of Fifth neighborhood. The principals of The DevStar Group are Anthony Burns and George Helmstetter. DevStar is partnering with iStar Financial, a $7 billion dollar finance and investment company focused on real estate and traded on the New York Stock Exchange under the symbol SFI. iStar, one of the largest investors in luxury condominium, multi-family and masterplanned residential developments throughout the United States, has financed and invested over $10 billion in residential projects since 1993, with a portfolio that has included interests in over 18,000 condominium units in the nation’s top markets.
