The mortgage is financed by the Bank of the Ozarks, one of the most active lenders for developments along the South Beach area. However, $62.5 million is not enough to complete the construction of the 59-unit condo building. More sales need to be finalized in order to raise the needed funding.
In detail, the developer has received $20 million as senior mortgage from the Bank of the Ozarks and $4.25 million mezzanine loan from VanBarton. JDS founder Michael Stern also reveals to South Florida Business Journal that the developer and its partners had to inject $40 million in equity in order to obtain both loans.
With the $62.5 million loan and equity, JDS Development has repaid the $45.8 million mortgage that led to Monad Terrace’s foreclosure. A motion to dismiss the foreclosure lawsuit had been filed on Oct. 13, the same day the developer has secured the new loan.
The rest of the financing has enabled the start of Monad Terrace’s construction. Foundation work is currently underway and is expected to be complete by the end of February 2018. According to Stern, he plans to finish the entire building by early 2019 with G.T. McDonald as the general contractor.
Monad Terrace stands 14 stories tall and is designed by Pritzker Prize awardee Jean Nouvel and Kobi Karp Architecture. Units range in size from 2,027 to 13,922 square feet and is priced from $1.7 million to $12 million. Moreover, the condominium project features amenities that include a sundeck with a 116-foot pool, a wellness center, and a water sports room.