New York-based JDS Development Group has secured a $137m construction loan from New York-based Madison Realty Capital (MRC) for luxury condominium Monad Terrace in Miami Beach, Florida.
French architect Jean Nouvel has designed the residential development, which will feature 59 individually-designed waterfront residences.
MRC co-founder and managing principal Josh Zegen said: “This is a unique assemblage of land within a prime waterfront residential enclave in South Beach, Miami, and we are excited to close another transaction with an esteemed developer like Michael Stern.
“In addition, there’s virtually no new development product coming out of the ground in South Beach right now, so we offered a customised financing solution for JDS’s needs given our knowledge of the market.
“It was a special opportunity to support an A-team in one of the most attractive markets for real estate.”
JDS Development founder and managing partner Michael Stern said: “Securing this loan demonstrates the strength of the project, the attractiveness of the Miami Beach market and the overall demand for luxury housing in Miami.
“Monad Terrace serves as a landmark for thoughtful and innovative development that is also beautiful and has a strong architectural identity.
“This product is like nothing else in Miami Beach, which the MRC team recognised. It was a pleasure to work with them on this, they provided a swift and professional execution.”
Douglas Elliman Florida CEO Jay Phillip Parker said: “There is already sales momentum, and we expect this will continue on a steady upward trajectory until sell-out.”
Monad Terrace offers two- to five-bedroom residences with 1,453 ft² to 5,350ft² of interior space, as well as features such as private elevator access, custom kitchens and bathrooms by Jean Nouvel, outdoor terraces, climbing gardens and reflecting pools that complement the central lagoon and ocean views.
One of the major aspects of the project is the inclusion of innovative climate resilience features into the architecture, starting by elevating the building 11.5ft, well over Miami Beach standards.
The tower is expected to be complete in 2019. The project has been designed in collaboration with Miami-based Kobi Karp Architecture and Interior Design.