MIAMI—Dezer Development just closed a $214 million loan for the construction of the Porsche Design Tower Miami in Sunny Isles Beach. The deal marks the largest loan approved for a major construction project in the Southeast since the real estate recession, and exponentially larger than any post-recession loan of its kind in South Florida.

At $214 million, it is almost 30% larger than the previous largest substantive construction loan for a South Florida project since the recovery began. Wells Fargo made the loan.

“This is extremely positive news for real estate financing and the recovery of the residential real estate market in South Florida,” says Gil Dezer, president of Dezer, which partnered with Trump to build several condo projects in Sunny Isles during the past cycle. “It is also a testament to how this one-of-a-kind project has been received by our buyers, as well as the lending community.”