Fontainebleau’s Oceanfront Condo Development Rises With $50M Bank OZK Loan
By Cathy Cunningham March 26, 2021 3:19 pm
reprints
Fontainebleau Development and Perko Development Partners have landed a $50 million construction loan for SeaGlass Jupiter Island, their luxury, oceanfront condominium project, Commercial Observer has learned.
Bank OZK provided the debt on the seaside residences, and the deal closed today, Fontainebleau officials confirmed. Bank OZK Managing Director Greg Newman led the deal on behalf of the lender.
The 10-story, 21-unit asset— at 1500 Beach Road on the south end of the barrier island — is almost completely sold. Sales launched in May 2020, with prices ranging from $5.9 million to more than $10 million.
The developers broke ground on the development in December 2020, and have an anticipated completion date of fall 2022.
Designed by Swedroe Architecture, each SeaGlass residence is the epitome of luxury with panoramic, ocean-to-intracoastal vistas, as well as private terraces with summer kitchens and two-car garages. The property also features a grand, two-story lobby designed by Champalimaud Design.
Additional building amenities include an oceanfront, infinity-edge, heated swimming pool; a state-of-the-art swimming pool; and a yoga and meditation lawn.
SeaGlass sits between the Atlantic Ocean and Intracoastal Waterway on Jupiter Island, in the village of Tequesta. The luxurious retreat is accented by the island’s natural surroundings, which the development has been designed to blend with through meticulous attention to detail.
The property is also in close proximity to Blowing Rocks Preserve, a mile-long stretch of protected rocky shoreline with sea caves and bluffs.
According to The Palm Beach Post, Jupiter Island is home to several celebrities, including Tiger Woods, who also owns The Woods, a restaurant at 129 Soundings Avenue. In 2017, Celine Dion sold her oceanfront Jupiter Island estate for a whopping $28 million.
SeaGlass Jupiter Island is the latest jewel in Jeffrey Soffer‘s Fontainebleau crown. The company’s diverse portfolio includes hospitality, commercial, gaming, and dining/ entertainment assets. The developer is also behind several of South Florida’s signature, residential condominium developments, including Turnberry Ocean Colony, the Fontainebleau Tresor, and Fontainebleau Sorrento towers at Fontainebleau Miami Beach.
Bank OZK officials declined to comment.
