Marina Palms Yacht Club & Residences closed on a $98 million loan to fund construction of the project's first residential tower located on the north side of the waterfront property

Marina Palms Yacht Club & Residences closed on a $98 million loan to fund construction of the project's first residential tower located on the north side of the waterfront property. The lender is HSBC Bank USA, NA.

"This was an ideal loan for us given the highly desirable nature and uniqueness of the project and the first-class development team that is executing on the business plan," said Michael Wadler, vice president of real estate finance at HSBC Bank USA.



Neil Fairman, president of the Plaza Group, one of the development partners, is pleased with the project's progress. "Closing on our construction loan shows the market we are fully capitalized and will provide confidence to our buyers and prospective buyers that the proposed development is now a reality," he explained. "The loan, along with buyer deposits and our own equity, will be used to complete construction of the first tower."


Marina Palms Yacht Club & Residences, located in North Miami Beach, features two 25-story towers with a combined 468 residences. Construction began on the North Tower in September. Virtually all of its 234 residences have been sold with only penthouses now available for purchase. Coastal Construction is the general contractor.

Due to continued strong buyer demand, Marina Palms will begin selling residences in the South Tower with introductory prices averaging at $550 per square foot.


"The sellout of the first tower was a major success and we are transitioning our sales momentum into phase two of the project," said Fairman. "The demand for luxury condominium residences in desirable locations remains strong and Marina Palms Yacht Club & Residences offers one of the best values for buyers seeking waterfront living in today's marketplace. We anticipate selling out the second tower by the end of 2014."


Located at 172^nd 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. Demolition of the existing 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.


Marina Palms Yacht Club & Residences offers amenity-rich living, unparalleled services and a boating lifestyle. With one million square feet of livable space fronting a waterfront promenade, the development will entice any buyer in search of luxury waterfront living.


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