Dezer Development president Gil Dezer announced today that they have procured $214 million from Wells Fargo for the construction of his ground-breaking Porsche Design Tower In the biggest post-recession construction loan made in the south eastern United States. While construction loans haven’t always been headline-worthy, procuring such a loan in today’s lending economy is definitely noteworthy. The 132-residence, 60-story tower is located in Sunny Isles and is the first of its kind to feature car elevators so residents can keep their precious vehicles close, and make every day tasks like unloading a breeze. Another unique feature about the building is its astounding square footage, which range from 4,800 to 17,000 square feet, which Dezer says keeps “penthouse buyers” of equal status together in one prestigious address.
“This is extremely positive news for real estate financing and the recovery of the residential real estate market in South Florida,” says Dezer. “It is also a testament to how this one-of-a-kind project has been received by our buyers, as well as the lending community.”