The $22 million in funds was just one of three land-financing deals totaling $59 million that Foschini and Daniel R. Sheehan, an associate in the same office, recently arranged for Dezer.
Foschini tells GlobeSt.com that it's too early to discuss details of the size and cost of the future condo development, planned for Sunny Isles, FL. The land financing for that project was provided by Citrus Bank in Miami. The interest rate is in the 4% range, Foschini says.
Foschini and Sheehan also recently arranged financing to enable the land purchase for two other condo towers in South Florida, for which Dezer has teamed up with Donald Trump. They are the 55-story, 267-residence Trump Palace, for which the foundation was poured Oct. 11, and the 55-story, 333-residence Trump Royale. Both towers are part of the $600-million, three-phase Trump Grande Ocean Resort and Residences planned for Sunny Isles. Trump Royale is in the early drawing-board phase. This three-phase project also includes the 372-unit condominium hotel Trump International Sonesta Beach Resort, scheduled to open by this coming New Year's Eve.
The land financing for Trump Royale was $12 million with a similar interest rate, provided by Ocean Bank in Miami. The entire project, which is similar in size to Trump Palace, probably will be a $200-million total cost, Foschini says.
He would not disclose the lender of the $25-million land-portion financing for Trump Palace, other than to sat that it is a large national bank. The total loan will range from $135 million to $140 million, and the bank is finding 10 or 15 lenders to cooperate on the full development, he says.
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