The Porsche
Design Tower, the ultra luxurious 132-unit, 60-story condo with a robotic car
elevator, closed
the $214 million loan with Wells Fargo, the biggest loan for a new condo in South Florida’s
post-collapse real estate market, according to New York/South Florida-based Dezer Development.
Despite
the fact that the move in date is still a couple of years away, the project has
already secured $535 million in sales – representing over two-thirds of the
units – exceeding the benchmarks for securing the loan, according to a
statement. Sell-out of the remaining units is anticipated to occur towards the
end of the year at the current absorption rates. “This is extremely positive news for
real estate financing and the recovery of the residential real estate market in
South Florida,” Dezer said in a release. “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.”
The
building’s expansive residences range in size from 4,800 to 17,000 square feet
and are priced from $4.8 million to $32.5 million. The building is slated for
occupancy in the first quarter of 2016. “The opportunity to be part of
Porsche Design’s first-of-its-kind real estate venture has been paramount to
our sales success,” said Juergen Gessler, CEO Porsche Design Group, in a news
release. “Buyers understand the unprecedented value of these properties.” In a nod to Stuttgart, Germany-based
Porsche Design and its first foray into real estate, the tower will have a
full-time “car concierge” responsible for coordinating washes, detailing, tire
rotation and other maintenance.
Browse my
blog and website to find more detailed information of this development. Call me now to schedule a complete
presentation of the project. For Reservation please contact me at
954.254.6085 or email me at JuanSolerRealtor@gmail.com Time is always of the essence but
much more in Pre-construction. Don't miss this window of Opportunity!
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