Financing Gets Creative for New Miami Condo

by Isaac Benmergui, Esq on March 21, 2012

It doesn’t matter how rich you are these days, banks don’t want to take any chances on properties that the overbuilt region of South Florida. But that didn’t stop one creative luxury condo developer.

Art Financing Williams Island Development

Martin Margulies, 74, wanted to build the Bellini, a 70-unit, 24-story condominium tower located in the Williams Island area of Aventura, an exclusive community in a northern suburb of Miami. Instead of asking for a construction loan which banks are loathe to give at the moment, he took out a personal loan for $80 from U.S. Trust on 50 pieces of art in his extensive and high-ticket collection.

Margulies states some of the pieces of a value of $30 million or more and that if he had to part with one or two of them, it’s only art that he’ll lose, not his business.

If you’re a developer looking to build in the Miami rea, the law offices of Isaac Benmergui can assist you with all your legal real estate needs; call 780-800-2510 or email Isaac@benmerguilaw.com for more information or to set up an appointment today.

 

Previous post:

Next post: