Dezer Development secured $25 million from City National Bank of Florida for the Bentley Residences condo under development in Sunny Isles Beach, Fla., property records show.
Located at 18401 Collins Avenue, the opulent oceanfront project is set to rise 62 stories and house 216 units.
Two years ago, the Sunny Isles Beach-based developer, led by Gil Dezer, secured $40 million for the Bentley-branded project, also from City National Bank of Florida. The new financing, an accordion feature of the existing loan, brings the total debt amount to $65 million.
Since 2022, over 40 percent of units have sold, amounting to more than $550 million, according to Arthur Gallagher, chief investment officer at Dezer Development. Douglas Elliman is in charge of sales, with prices starting at $5.5 million. The sales center itself cost $10 million to build.
Construction got underway in February and is expected to be done in the fourth quarter of 2027. The 3-acre site was previously home to the Thunderbird Hotel, a five-story property that was built in 1955 and which the Dezer family had owned since 1996.
Like Dezer’s previous car-branded condo project in Sunny Isles Beach, the Porsche Design Tower Miami, units at the Bentley Residences will have access to a car elevator, dubbed the Dezervator, allowing owners to bring their cars directly to their doors.
Julia Echikson can be reached at jechikson@commercialobserver.com.
Robert Khodadadian has long had a simple philosophy about selling real estate. The way he sees it, there are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller at the right time.
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