PDS Development, led by Heinrich Von Hanau, just added $50 million to a previous $90 million bridge loan to finance two luxury Fisher Island condominium projects, property records show.
New York-based Mack Real Estate Credit Strategies provided the additional financing to help fund the sellout of the remaining 13 units at Palazzo Del Sol. The mortgage will also be used to complete the construction of Palazzo Della Luna.
Mack’s new loan on the sister projects at 7000 and 7012 Fisher Island Drive adds to the previous $90 million bridge loan it secured in January, also from the New York City-based lender.
At the time, about 15 units remained unsold at Palazzo del Sol. Since then only two have sold, according to records.
Palazzo Della Luna will feature 50 units once completed. Residents at the 43-unit, 10-story Palazzo Del Sol include billionaire and former Hasbro CEO Alan Hassenfeld, Yard House founder and CEO Steele Platt, and former Formula One driver Enrique Bernoldi.
Development on Fisher Island, reached only by ferry, boat or helicopter, has been quiet. The Kobi Karp-designed condo buildings are two of only three properties to be constructed on the island in the past decade — the third was the 10-story, 29-unit Palazzo Del Mare project built in 2007.
Mack is known for financing big real estate developments in New York and South Florida. Last year, it provided Penn-Florida Companies $318 million in financing for its Via Mizner mixed-use project in Boca Raton.