JDS Development Group has secured a $62.5 million construction loan For Monad Terrace in South Beach. The developer has already broken-ground and is completing foundation work, they expect to go vertical in March 2018. According to Michael Stern of JDS Development, the $62.5 million of financing breaks down to a $20 million senior loan from Bank of the Ozarks and $42.5 million of mezzanine financing from VanBarton Group. The Real Deal reported in June 2017 that Delaware-based lender EO Monad Terrace sued Monad Terrace Property Owner LLC for failing to pay a $45.8 million mortgage principal on the property located at 1300 Monad Terrace. The suit was reportedly dismissed as JDS Development closed on the new financing.
Monad Terrace is designed by Pritzker Prize-winning architect Jean Nouvel in collaboration with Kobi Karp. The project will feature 59 residences that range from 2 to 5 bedrooms and 2,000 SF to close to 14,000 SF. Pricing starts at $1.7 million and sales are being handled by Douglas Elliman. Monad Terrace will also feature an infinity edge waterfront pool and hot-tub located directly on Biscayne Bay with lush landscaping throughout by Jean Nouvel. The design of the development keeps climate change and rising sea levels in mind. Amenities include a sun deck with pool and hot tub, 24 hour concierge, valet parking, pool service, cafe and juice bar, resident's lounge, waterspouts storage and bicycles and paddle boards for the residents. Completion is expected in 2019.
