One Thousand Museum scores $225M construction loan

One Thousand Museum scores $225M construction loan

Friday, December 2, 2016
Rendering of One Thousand Museum. Inset: Zaha Hadid, developers at the groundbreaking of One Thousand Museum in December 2014 (Credit: Getty Images)

Rendering of One Thousand Museum. Inset: Zaha Hadid, developers at the groundbreaking of One Thousand Museum in December 2014 (Credit: Getty Images)

Developers Louis Birdman, Gregg Covin and the Regalia Group have closed on a $225 million construction loan for One Thousand Museum, designed by the late architect Zaha Hadid.

The 62-story, 83-unit tower is under construction and on its 26th floor, a sales agent told The Real Deal. The developer declined to disclose what lender provided the financing, but it was arranged by Robert Horowitz of New York-based Cooper-Horowitz and Bilzin Sumberg attorneys Phillip Sosnow and Jon Chassen.

One Thousand Museum, a $450 million condo tower at 1000 Biscayne Boulevard in downtown Miami, is slated to be delivered by September 2018. The building, marked by its curvy exoskeleton, is the first residential skyscraper in the Western Hemisphere for Hadid, who died unexpectedly earlier this year.

One Sotheby’s International Realty is handling sales for the project, now priced from about $5.8 million to about $22 million. They range from 4,600 square feet to more than 10,000 square feet. More than half of the units have sold.

Amenities will include a private helipad, spa and fitness center, two pools including an indoor aquatic center, a sky lounge, event space and a private theater, according to a press release. Plaza Construction is the general contractor.

The construction loan is one of the biggest this year in South Florida. In July, Dezer Development, the Related Group and Rockpoint Group closed on a $305 million loan for the Residences by Armani/Casa in Sunny Isles Beach. Wells Fargo and the Blackstone Group are the lenders.


Source: The Real Deal