Privé At Island Estates Receives $102 Million Construction Loan

Privé Island – January 30, 2017

The Aventura luxury development is on track for its summer 2017 completion with $102 million construction loan from Maxim Capital in partnership with Prophet Capital Asset Management

 

AVENTURA, Fla. – Privé at Island Estates, currently under construction on South Florida’s last private island, closed on a $102 million loan from its existing lender, New York City-based Maxim Capital, in partnership with Austin-based Prophet Capital Asset Management, an investment fund with more than $3.2 billion under management. With more than 70 percent of the 160-unit development sold, Privé is on schedule to deliver this summer 2017. 

The developers of Privé at Island Estates released the following statement:

“As always, we are grateful for the continuous support and opportunity to perpetuate our long-standing relationship with Maxim Capital and our new lending partner Prophet Capital, particularly on this iconic project that is Privé. We look forward to delivering an unparalleled building with 360-degree water views and an enriching community to all of our existent owners and future buyers.”

 

Privé has more than $300 million under signed contracts and is expected to have an approximate $500 million sellout. The palatial units start at $2.1 million. 

“Maxim is pleased to continue its longstanding and productive relationship with BH3 and Gary Cohen in support of Privé at Island Estates as the project nears completion,” said Brian Steiner, co-founder and managing partner of Maxim Capital said. “This was a great opportunity to expand our financing and continue as lending partners to developers with a proven track record,” he said. 

With both towers now topped off, Privé is redefining the Aventura neighborhood with the luxury of seclusion with 360-degree views of the water and 70,000 square feet of resort-style amenities, which include a duplex state-of-the-art fitness center and spa with steam room and sauna, social entertainment rooms, private dining rooms, library, wine room, cigar room, hobby rooms, guest suites, two expansive pools and Jacuzzis, running paths that border the island, tennis court, private marina that can hold yachts up to 135 feet in length, private pier, and more. 

Privé is a collaboration of a star team, including developers Gary Cohen and BH3’s Greg Freedman, Daniel Lebensohn and Charles Phelan, celebrated architects, Sieger-Suarez Architects, Interiors by Steven G and Suffolk Construction. 

For more information on Privé, Contact a sales executive at to schedule a tour of the island.

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About Privé at Island Estates

Privé® is located on an eight-acre private island set between Williams Island and Sunny Isles Beach. The twin iconic 16-story towers designed by renowned architects Sieger Suarez, will be comprised of a total of 160 ultra-luxury residences ranging in size from 2,585 square feet to more than 9,500 square feet for select penthouse units– the pinnacle of Miami luxury real estate. 

Every Privé residence will feature private elevator entry, flow-through floor plans with 10-foot glass on both eastern and western exposures, full 10-foot-deep balconies, expansive east/west water views throughout, European kitchens and bathrooms, as well as outdoor summer kitchens. First-class, resort-style amenities and services include a 10,000-square-foot gym and spa in each tower, private dining and social rooms, poolside café, wine and cigar rooms, kids’ rooms, tennis court, two pools and Jacuzzis, marina, private pier, jogging path,24-hour gated entry and roving security, and full-time concierge.

About BH3 & Gary Cohen

Led by principals Gregory Freedman, Charles Phelan, and Daniel Lebensohn – BH3 is an opportunistic real estate firm with a core focus on acquiring real estate in South Florida and New York City. In addition to Trump Hollywood, the firm’s impressive portfolio includes 1805 Ponce; Terra Beachside 6000 Collins; and Fontainebleau Sorrento. For more information, please visit www.BH-3.com

Gary Cohen is the developer of Island Estates, the south island of the property, which consists of 21 exclusive mansions and a marina. As one of the founding families of Aventura, the Cohen family has been in South Florida land development since the 1960’s, resulting in approximately1,000 acres of land development and planning of high-rise condominiums, multifamily, single family homes, shopping centers, and commercial offices.