A luxury condo and marina complex in North Miami Beach closed an $87 million construction loan Wednesday.
The financing for the Marina Palms Yacht Club & Residences, which will fund construction of a second condo tower, comes from HSBC Bank USA and the Branch Banking and Trust Company.
That brings the waterfront project’s total financing to $185 million, according to a news release by developers Plaza Group and DevStar Group.
“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, in a statement.
“Private equity and specialty finance lenders would have charged a much higher rate that would have added to the project’s financing costs,” Fairman added.
The north tower, at 172nd Street and Biscayne Boulevard, is expected to open in the summer of 2015.