Last March, Dezer Properties, LLC took over an existing loan on Trump Towers from a development partnership. Today, Dezer Properties announced that they paid off the $265 million mortgage on Trump Tower II and Trump Tower III.
Since taking on the loan, the firm has been working to sell the available units of the luxury condominium buildings in Sunny Isles Beach. The three-tower property boasts 813 units total, and Dezer has minimized the 475 empty units in towers II and III (Tower I is sold out) to just 100 since March. The strategy that helped Dezer fill these properties was to lower prices according to the condition of the market.
“This is extremely positive news for South Florida’s luxury residential real estate market. When we assumed this obligation in March 2010, the bank gave us a four-year time-frame to sell the remaining units based on current absorption rates for the area. We look forward to completing the sales of the remaining units well before that time-frame,” said president of the Dezer entities Gil Dezer.
He expects the remaining units to sell for between $650,000 and $2.2 million.
“The opportunity to purchase oceanfront property in a building of this quality has been paramount to our sales success. We are confident that a purchase at Trump Towers affords buyers the best value of any location on Miami Beach,” said Dezer.
Dezer has worked with Donald Trump on Trump Grande, also in Sunny Isles Beach, made up of the Trump International Beach Resort, Trump Palace and Trump Royale. This is Dezer’s second payoff of such magnitude this year: the company just paid off a $210 million loan on Trump Royale last December.