The developer of Marina Palms Yacht Club & Residences in North Miami Beach has obtained a $98 million construction loan for the two-tower project.
HSBC Bank USA provided the loan to the developer, a partnership between The Plaza Group and DevStar Group, South Florida Business Journal reported. Marina Palms plans include 468 condos in twin 25-story buildings. Construction of the north tower began in September. Those units are already sold out, according to the developer.
The developer is launching unit sales for the south tower later this month, with prices averaging $550 per square foot. Those condos are expected to sell out by the end of next year, DevStar principal Anthony Burns said in the company’s statement announcing the construction financing.
A marina with 112 boat slips is also part of the plans for Marina Palms.
Located at Northeast 172nd Street and Biscayne Boulevard, the Marina Palms site was purchased out of foreclosure after a previous attempt to develop it failed during the recession. [South Florida Business Journal] — Eric Kalis