Monad Terrace Secures $137M Construction Loan

JDS Development, led by Michael Stern, recently secured a $137 Million construction loan for its uber-luxe South Beach condo development known as Monad Terrace. This mega loan appears to be the biggest financing deal in Miami’s condo market in almost a year. In fact, this loan is the first $100 Million+ construction loan to close in Miami-Dade County YTD for a condo project.

Stern secured this mega loan from a New York-based lender/real estate investor, Madison Realty Capital, who secured the loan for Monad Terrace without any contingencies upon sales threshold, according to TRD. Obviously, the lender believes in the project and that it will sell out without-a-doubt…I’m sure the fact that the project was designed by the highly-famed Pritzker-prize-winning architect Jean Nouvel, didn’t hurt!

Stern has stated that loans of this magnitude are few and far between right now in the Miami market, so he truly believes the loan was secured because of the quality of the project. “Securing this loan demonstrated 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, and this deal is a testament to that,” said Stern.
Source: https://www.trusttwo.co.uk/borrowing-from-us/guarantor-loans-for-bad-credit

Monad Terrace Construction Update

Monad Terrace held their groundbreaking ceremony on October 25, 2017, marking the commencement of construction of the luxury project. Since groundbreaking, the following has been completed on the project: waterproofing, foundation soil mixing and pile installation on the entire site, basement shell waterproofing and concrete, tower crane base, concrete shell, columns and elevator cores, and seawall piles and sheeting. Vertical construction is expected to commence in a few weeks and the luxury development is estimated for completion in the fall of 2019.

Monad Terrace is truly an innovative, iconic residential masterpiece. If you, or someone you know, are interested in purchasing a luxury condo at Monad Terrace in the South Beach neighborhood of Miami Beach, please contact Broker Associate Michael Light, Senior Director of Luxury Sales at Douglas Elliman Real Estate, the exclusive brokerage representing Monad Terrace. You may reach Michael directly at (786) 566-1700 or michael@miamiluxuryhomes.com.