Developers Pay Off Eighty Seven Park’s $155M Construction Loan

March 13, 2020

Terra, Bizzi & Partners, New Valley, and Pacific Eagle, developers of Eighty Seven Park, just paid off the $155 million construction loan for the newly developed luxury condominium in Miami Beach. The construction loan was given by United Overseas Bank in 2017.

The luxury tower located at 8701 Collins Avenue has more than 90 percent of its 66 units presold, according to a release. The 18-story building is Renzo Piano, star-architect, first residential construction in the Western Hemisphere.

In December, the first closing started being recorded with 39 units closed to date, according to property records. Buyers from the United States represent roughly 50 percent of all unit sales to date, said the release.

Some of the features of the building include floor-to-ceiling windows and wrap-around terraces, with each unit featuring panoramic views of the ocean. Residents will have a full array of amenities, including concierge and butler service, an outdoor juice bar, a full-service salon, and a full-time botanist who assists residents with their private balcony gardens.

Some of the buyers at Eighty Seven Park includes the tennis player Novak Djokovic, who paid $5.77 million for his unit; Jonathan Newhouse, chairman of the Condé Nast board and former CEO of Condé Nast International; as well as Pierre Pomerleau, president, and CEO of Pomerleau, one of Canada’s biggest construction companies.

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