Dezer Development landed a $40 million loan tied to its planned Bentley Residences condominium project in Sunny Isles Beach.
City National Bank of Florida provided the mortgage, according to records. The financing is for pre-development costs associated with the proposed 749-foot luxury tower with 216 units at 18401 Collins Avenue, according to a Dezer spokesperson.
Dezer partnered with Bentley Motors to develop the luxury automotive brand’s first residential building in the world. Rising 61 stories, Bentley Residences will feature a “Dezervator” car elevator in the center of the building, according to a press release. Each condo will have a three- or four-car garage with charging stations for electric vehicles.
Led by Gil Dezer, the Sunny Isles Beach-based development firm recently opened a $10 million sales center that includes a full-scale model of a 6,000-square-foot condo at Bentley Residences. Prices range from $3.9 million to roughly $6 million for units facing the Intracoastal Waterway. Ocean-facing units are asking $5.5 million to $7.5 million. Pricing for the penthouses will be in the $20 million range.
The Dezer spokesperson said reservations will start to be converted into contracts in January, and declined comment about the number of reservations.
A Dezer affiliate bought the 3.6 acre property, which includes a five-story Wyndham-branded hotel, for $6.8 million in 1996, records show. Demolition of the 180-key building is expected in the first quarter of next year, with a target project completion date of 2026, the spokesperson said.
Bentley Residences will be Dezer’s second luxury condominium featuring a high-tech car elevator. The first was Porsche Design Tower, a 60-story luxury brand high-rise also in Sunny Isles Beach that was completed in 2016.
Dezer is also redeveloping the Intracoastal Mall in North Miami Beach into a $1.5 billion mixed-use project called Uptown Harbour. In 2020, the North Miami Beach City Commission approved the massive development that entails 2,000 residential units, 575,000 square feet of retail and office space, 250 hotel rooms, a harbor and central park on nearly 30 acres.