Dezer Lands $630M to Build Bentley-Branded Condos Near Miami

Gil Dezer’s Bentley-branded condo development in Sunny Isles Beach, Fla., is finally off to the races.

Madison Realty Capital provided a $630 million construction loan for the 216-unit development, which could become the largest debt construction deal issued this year in South Florida, the Miami-based developer announced. Dezer had announced the financing last month at Commercial Observer’s South Florida forum, but he declined to reveal the name of the lender at the time.

Scott Wadler and Alec Fox of Berkadia brokered the debt. A spokesperson for Madison Realty Capital did not immediately respond to a request for comment.

The 61-story oceanfront tower will rise on a 2.3-acre site at 18401 Collins Avenue on Sunny Isles Beach, a narrow strip of land 11 miles north of Miami Beach. Dezer’s family has owned the property since the 1990s, located just south of Jeff Sofer’s Turnberry and Dezer’s Porsche-branded condo towers. The Bentley Residences, like the nearby Porsche high-rise, will have freight elevators that will bring cars up to each condo. 

Dezer launched sales for the development in early 2022 and now says that more than half of the units have been presold. Construction is expected to be completed in 2028. 

Despite elevated interest rates and slowed migration to Florida since the height of the pandemic, lenders are still providing massive construction loans for luxury condo developments, thanks to strong presales. 

Just this week, Ytech secured $565 million, partly from J.P. Morgan, to build a 70-story luxury condo tower in Miami’s Brickell district. Last week, Newgard Group and Two Roads Development obtained $513 million for a two-tower condo complex that will include a Standard Hotel-branded high-rise.

Last year, Mast Capital and PMG each received about $600 million to build luxury condo towers in central Miami.

Julia Echikson can be reached at jechikson@commercialobserver.com.