MIAMI–Terra, Bizzi & Partners, and New Valley have secured $91.2 million construction loan for Eighty Seven Park. United Overseas Bank made the loan, which sets the stage for developing of the tower early this year.

Site work is underway at 8701 Collins Avenue in Miami Beach. Vertical construction is expected to start in the early second quarter.

With only 70 units, Eighty Seven Park will become one of the region's most exclusive residences. The Atlantic Ocean bounds the property on the east, a 35-acre public park to the south, and a two-acre private park to the north. Eighty Seven Park is located in Miami Beach's North Beach neighborhood close to both South Beach and Bal Harbour.

"Our ability to secure favorable construction financing for Eighty Seven Park stems from the strength of the project's development team, the uniqueness of its location, and the caliber of our design team led by one of the world's best architects, Renzo Piano," says David Martin, co-founder and president of Terra. "Our experience with Eighty Seven Park is an example of how projects benefitting from premium locations and credible development teams are appealing to lenders and buyers alike."

Eighty Seven Park as a heavy-hitting design team. Renzo Piano and his firm, Renzo Piano Building Workshop, are leading the charge. Project architect Stantec and West 8 are handling the landscaping, which includes a two-acre park for residents. Rena Dumas of Paris is creating the building's interior design and exterior living areas. Amenities include a 24/7 concierge and butler service, an outdoor juice bar, a full-service salon for residents, and a full-time botanist to help residents with private balcony gardens.