JDS Development Group acquired and secured a $137 million construction loan for its Monad Terrace condominium project in Miami Beach. Financed by New York-based Madison Realty Capital, the project is led by renowned Pritzker Prize-winning architect Jean Nouvel. Monad Terrace will have 59 individually designed waterfront residences, ranging from two to five bedrooms, with views of the property’s lagoon and the ocean. The tower is expected to go vertical this spring and estimated to be completed by fall 2019.
In other Miami real estate news
- Top-producing Palm Beach real estate broker Burt Minkoff has joined Douglas Elliman Real Estate. A veteran with two decades of experience in the Palm Beach market, Minkoff brings $25 million in home listings to Elliman.
- Cavache Properties acquired a $17 million construction loan for 30 Thirty North Ocean, a luxury 24-unit condominium in Fort Lauderdale. According to The Real Deal, Trez Forman Capital Group arranged the loan.
- Ellen Hassenfeld Block, sister of former Hasbro CEO Alan G. Hassenfeld, sold her 2 North Breakers Row condominium for $11.5 million. A report from Palm Beach Daily News states that the condo is the fifth-most-expensive to sell at the address.
- A report from WalletHub ranked Miami as the overall 11th-best city in the U.S. for Hispanic entrepreneurs. Miami was tied for first in Hispanic entrepreneurship rate and ranked second in Hispanic business-friendliness.