Dezer Gets $630M Construction Loan for Bentley Residences

Dezer Development landed a $630 million construction loan for the oceanfront Bentley Residences condo project in Sunny Isles Beach, marking the largest financing in South Florida so far this year. 

New York-based Madison Realty Capital, led by managing principals Brian Shatz, Josh Zegen and Adam Tantleff, is the lender, according to a press release. Berkadia’s Scott Wadler and Alec Fox arranged the financing. 

Dezer launched sales of the planned 61-story, 216-unit tower at 18401 Collins Avenue in 2022. The project is more than 50 percent presold, according to the release. Remaining units start at $5.8 million and the two penthouses are asking $37.5 million each. 

Sieger Suarez Architects is designing the Bentley Motors-branded tower. Foundation work is nearly completed, and the building is expected to be completed in 2028. 

Bentley Residences will be the second luxury condo tower that Dezer builds with his patented Dezervator car elevator, following the completion of Porsche Design Tower in 2019. Bentley will feature amenities totaling 20,000 square feet with a whiskey bar, cigar lounge, home theater, wellness spa, oceanfront pool deck and a private restaurant by chef Todd English. Each condo will have a three- or four-car garage with charging stations for electric vehicles.

In 2022, Dezer secured a $40 million predevelopment loan for the planned 749-foot tower from City National Bank of Florida. 

A Dezer affiliate bought the 3.6 acre property, which included a five-story Wyndham-branded hotel, for $6.8 million in 1996, records show. It has been torn down.

The latest loan marks a major milestone for the development, and adds to a stream of large construction loans to close in recent weeks across South Florida, despite a challenging debt environment. 

Ytech this week secured a $565 million construction loan for its 70-story, 195-unit luxury condo tower, The Residences at 1428 Brickell. J.P. Morgan is the senior lender. 

Also this week, Namdar Group secured $460 million in bridge and construction loans from Slate Property Group’s Scale Lending for a nearly 1,400-unit, two-tower apartment project in downtown Miami. Both financing packages were announced this week. 

In June, billionaire Related Ross Chairman and CEO Steve Ross secured $600 million in financing for his planned South Flagler House condo project in West Palm Beach. Bank OZK is the senior lender.