Developers of a Sunny Isles Beach condo project just received $136.5 million in construction financing from Wells Fargo Bank.
Wells Fargo granted J. Milton & Associates’ affiliate Parque Towers Developers the construction loan for the Parque Towers condominium. The project, at 300-350 Sunny Isles Boulevard, will consist of two towers with a combined 320 luxury units. The first tower will be 25 stories; the second will be 28 stories.
Planned amenities include a pool deck with five swimming pools, a private theater, a wine bar and cigar club, a party room large enough for 200 people and a private beach club.
Law firm Arnstein & Lehr represented the developer for the loan, according to a release.
In August, Wells Fargo granted the developer a $15 million loan, along with the ability to borrow another $150 million in the future.
“Lenders are eager to lend funds to seasoned developers with a proven-track record,” said Luis Flores, partner with Arnstein & Lehr, in a statement. “But obtaining construction financing continues to be an involved endeavor. Lenders learned a lot from the last real estate cycle and have put in place a series of safeguard measures that require condo developers to jump through a lot of hoops. — Sean Stewart-Muniz