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Residences by Armani/Casa Secures $305M Loan, at 70 Percent Sold

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The $1B development is a hot commodity

Units are flying off the shelves at the upcoming Residences by Armani/Casa, a $1 billion collaboration between Dezer Development and The Related Group, with the 308-residence luxury development in Sunny Isles Beach at 70 percent sold while recently securing a $305 million construction loan.

With a targeted completion of early 2019, the loan is currently the biggest financing deal of the year in South Florida thus far.

The condo broke ground in March and is The Related Group’s most expensive project ever, featuring a penthouse asking $15 million that comes with a trip to Italy that includes meeting Armani founder Giorgio Armani.

All renderings were created by ArX Solutions

"This is a proud moment as we come one step closer to making The Armani Group’s first real estate venture in the U.S. a reality," says Gil Dezer, President of Dezer Development. "It is also a true testament to how this one-of-a-kind project has been received by our buyers, as well as the lending community."

"The collaboration of the distinctive design talents of Giorgio Armani and César Pelli has been paramount to our sales success," says Carlos Rosso, President of The Related Group. "Featuring the level of superlative quality and timeless elegance and grace synonymous with Armani’s iconic style, buyers understand the unprecedented value of this property."

Units start at $2 million.