According to the Miami Herald, Related Group's Sunny Isles condo tower in Miami is now debt free. The development team, which includes Dezer Development, recently paid off a $315 million construction loan owed to Wells Fargo that's been on the books for three-and-a-half years. The sales team is hoping for a boost in closings. “This encourages people to buy in, especially for those buyers who need to take out a mortgage,” said Gil Dezer, president of Dezer Development.
The tower pre-sold 270 of the total 308 units. Buyers have now closed on 145 of those units. The remaining 125 buyers expected to close in the next 60 to 90 days, Dezer said. About 35 units remain. They range from a 2,700-square-foot apartment with three bedrooms, a den, and five bathrooms, priced at $2.9 million, to a 6,000-square-foot penthouse with five bedrooms, six-and-a-half bathrooms, a rooftop terrace and pool for $17 million.
Building units range in size from 2,700 to 6,000 square feet priced from $2.9 to $17 million. The project is the last by Argentine architect César Pelli, mastermind behind some of the world’s tallest buildings. He died in July 2019.
“This building is a love letter to South Florida from Giorgio Armani and César Pelli, and now stands as a landmark for design as striking as it is thoughtful,” Jon Paul Pérez, executive vice president at The Related Group.
