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Florida & Gulf Coast  + South Florida  + Finance  | 

Bank OZK Delivers Nearly $60M Loan for Miami Beach Luxury Condo Development

Florida-based Multiplan Real Estate Asset Management (MultiplanREAM) secured a $58.5 million construction loan from Bank OZK for Miami Beach’s 57 Ocean, an ultra-luxury seaside condominium on the iconic Millionaire’s Row. The financing, arranged by JLL Capital Markets, 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.

The project will feature 70 units, including 18 flow-through Sky Residences and a $35 million, full-floor penthouse. So far, 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.

MultiplanREAM, which was founded by internationally revered Brazilian developer Dr. José Isaac Peres, has already invested roughly $150 million in cash into the project.

JLL’s Manny de Zárraga and Jesse Wright represented the developer.

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.