Marina Palms Yacht Club & Residences has acquired a $87 million construction loan earmarked for its second condominium tower in North Miami Beach. The loan was arranged through HSBC with the funds coming from the Branch Banking and Trust Company. This round of financing will bring the total for the project to $185 million. The complex will consist of two 25-story towers with 468 residences split between the two buildings. The north tower is sold out while 60 percent of the south tower is sold. Owners of units in the north tower will be able to move in during the summer. Prices for the units start at around $800,000. The project is being co-developed by The Plaza Group and the DevStar Group.
