NYC Developer Gets Loan for Condo Project in Glutted Miami Area
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A Jean Nouvel-designed condo project in Miami Beach, Florida, just got the area’s biggest residential construction loan in almost a year, putting the luxury tower on a path to completion in a market that’s saturated with others.
New York developer Michael Stern closed last week on $137 million in financing from Madison Realty Capital to build Monad Terrace, Stern said in an interview. It was the largest loan for housing construction in Miami-Dade County since June, according to property-research firm Real Capital Analytics Inc.