Sunny Isles condo scores $136.5M construction loan from Wells Fargo

Sunny Isles’ condominium project Parque Towers scored a $136.5 million construction loan from Wells Fargo on Monday.

Arnstein & Lehr represented Parque Towers Developers LLC, an affiliate of Miami real estate development firm J. Milton & Associates.

Parque Towers will be built at 300-350 Sunny Isles Blvd. and is expected to include two towers, one 25 stories tall and the other 28 stories tall. More than 320 units are planned in total.

The development will include five separate swimming pools, a kids club, a party room with the capacity for 200 people, a wine bar, a cigar club, a theatre, and a private beach club. Some of the units will have views of the Atlantic Ocean or the Intracoastal.

Parque Towers will also include the St. Tropez Towne Center, which will feature boutiques, bistros, cafes, and more.

The Arnstein & Lehr team was led by Luis Flores, Miami partner and chair of the firm’s Florida Commercial Practice Group, David Shear, Rebecca Sarelson and Amanda Shear.

“Lenders are eager to lend funds to seasoned developers with a proven-track record,” Flores said in a news release. “But obtaining construction financing continues to be an involved endeavor …. This loan is a testament to the strength of Parque Towers and J. Milton & Associates.”

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Story by: Nina Lincoff – Mar 24, 2015, 1:51pm EDT
Photo Courtesy: Biz Journals

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