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Developers Secure $117M Construction Loan for Condo Project

MIAMI BEACH-The $157 million luxury oceanfront project will consist of 107 condominiums and six villa homes on 5.5 acres of land here. Bank of America is providing the financing.

By Melissa Bogdany | Updated on December 16, 2002

MIAMI-Peebles Atlantic Development Corp. and DLJ Real Estate Capital Partners, the joint venture developing The Residences at The Bath Club, have secured a $117 million construction loan with Bank of America and are moving forward with development. The $157 million luxury oceanfront enclave will consist of 107 condominiums and six villa homes on 5.5 acres of land located at 5937 Collins Ave. here. It is scheduled to begin construction in the first quarter of 2003.

R. Donahue Peebles, president and CEO of Peebles Atlantic Development Corp., says the joint venture chose Bank of America because of its exceptional knowledge of the luxury real estate market, its commitment to quality properties, and the fact that it is one of the largest banks in the nation.

“With construction financing in place, we are ready to break ground as soon as we receive our building permits from the city of Miami Beach, which are expected by February,” Peebles says in a statement. Significant site preparations, such as driving test piles and de-watering the grounds, are scheduled to begin this month.

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