SOURCE: Marina Palms Yacht Club & Residences

Marina Palms Yacht Club & Residences

March 04, 2015 14:00 ET

Marina Palms Yacht Club & Residences Closes on $87 Million Construction Loan

HSBC Finances Second Tower at Miami-Dade's First Residential Condo-Marina in 20 Years

NORTH MIAMI BEACH, FL--(Marketwired - March 04, 2015) - Marina Palms Yacht Club & Residences recently closed on an $87 million loan to fund construction of its second condominium tower. It's believed to be the largest construction loan made so far this year to a South Florida condominium developer. Marina Palms has now secured a total of $185 million in construction financing for the development of this iconic waterfront property, which includes the closing of a $98 million construction loan on the first tower in 2013. HSBC Bank USA, NA is the administrative agent and arranger with Branch Banking and Trust Company (BB&T) rounding out the lending group.

"Due to the overwhelming success of the north tower we are excited to provide the construction financing for the south tower," said Michael Wadler, vice president of real estate finance at HSBC Bank USA.

This new financing comes about a month after Marina Palms formally topped off its north tower, a major milestone, and as construction is quickly progressing on the new namesake marina.

"Closing on traditional bank financing for the south tower demonstrates to the community and our buyers the strength of the development team and that we are right on schedule," said Neil Fairman, president of The Plaza Group, one of the development partners.

"Our efficient capitalization structure and our ability to once again access traditional financing markets have allowed us to provide our buyers with a high quality product at a very attractive price point," Fairman said. "Private equity and specialty finance lenders would have charged a much higher rate that would have added to the project's financing costs. We have the financial wherewithal to fund and complete construction of the project's second tower."

Marina Palms Yacht Club & Residences, located in North Miami Beach, features two 25-story towers with a combined 468 residences. 

With the north tower sold out and continued demand for residences in the south tower from international and domestic buyers, Marina Palms Yacht Club & Residences has been selling units at a swift pace in the south tower at prices averaging $500 per square foot. The south tower is already approximately 60 percent sold out.

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 state-of-the-art full-service yacht club and marina with 112 slips for yachts up to 90 feet in length. Construction of the state of the art 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 more than 20 years. With one million square feet of livable space on a waterfront promenade, the development entices any buyer in search of luxury waterfront living.

Every two-, three- and four-bedroom residence and penthouse offers luxury finishes and amenities such as butler service, exclusive boat club for residents, infinity-edge pool and hot tub, a state-of-the-art gym, a spa with treatment rooms, a sauna, a steam room and workout studios, a news café, club room with bar, pool table and 100-inch-plus TV, children's playroom and teen lounge. The development will have secure, gated-access with 24-7 valet service.

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

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.

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