Miami Beach’s 57 Ocean, an ultra-luxury seaside condominium on the iconic Millionaire’s Row, has obtained a $58.5 million construction loan from Bank OZK, arranged by JLL Capital Markets. The financing will support completion of the 18-story project, which is now more than halfway complete (having reached the 11th floor this week) and on schedule for next fall’s projected delivery date.
In total, 57 Ocean, which is being developed by Multiplan Real Asset Management (MultiplanREAM), will feature 70 units, including 18 flow-through Sky Residences and a $35 million, full-floor penthouse. To date, more than half of the units have sold to buyers from high-income-tax states, including New York and California, as well as high-net-worth individuals from Latin America.
Already, MultiplanREAM, which was founded by Brazilian developer Jose Isaac Peres, has invested approximately $150 million in cash into the project, ensuring that each benchmark has been met with swift prec
