MIAMI—Parque Towers Developers, an affiliate of J. Milton & Associates, just secured a $136.5 million loan to construct a condominium in Sunny Isles, FL. Wells Fargo is lending the construction funds for Parque Towers at 300-350 Sunny Isles Boulevard.

The Miami office of Arnstein & Lehr represented Parque Towers. Luis Flores, a partner and chair of the firm's Florida Commercial Practice Group, led a team including, David Shear, Rebecca Sarelson, and Amanda Shear on the deal. Joseph Milton, Yosi Gil, Rex Barker, Douglas Ramberg, and Ary Gomez led the Parque Towers team.

"Many condo projects are in the planning stages in Miami but not all of them will be able to secure construction financing," Flores tells GlobeSt.com. "Banks continue to be extremely careful and selective in funding construction loans. If you analyze the large construction loans secured in recent times, you will see they all went to developers with a proven track record surrounded by a strong team and building very high-quality condo developments in class A locations."