$55.7M construction financing secured for luxury condominium development in Bay Harbor Islands

MIAMI, Jan. 6, 2025 – JLL Capital Markets announced today that it has secured the $55.7 million construction financing for La Maré – The Regency Collection, a 33-unit ultra-luxury boutique condominium development in Bay Harbor Islands, Florida, part of the greater Miami MSA.

JLL represented the borrower, Regency Development Group, in arranging the loan through S3 Capital, a leading private real estate credit manager based in New York City.

La Maré – The Regency Collection, situated at 9927 East Bay Harbor Dr. in the exclusive Bay Harbor Islands, offers a prime waterfront location along Biscayne Bay, designed with some of the largest and most luxurious units available in Bay Harbor Islands. The community is minutes from the Bal Harbour Shops and Surfside Beach.

Bay Harbor Islands is an affluent community located in Miami-Dade County, Florida. With a population of approximately 5,900 residents, the area boasts a median household income of $151,000, significantly higher than the Miami average of $107,000. Single-family homes on the islands range from $4 million to $22 million, highlighting the area's exclusive real estate market.

La Maré – The Regency Collection is an eight-story ultra-luxury condominium development offering a range of upscale residences and amenities. The project features 33 spacious two- to four-bedroom units varying from 1,567 to 4,500 square feet. Residences boasts grand ceiling heights and panoramic bay views through floor-to-ceiling windows. Designed by Deborah Aguilar, the interiors are fitted with Italian fixtures in kitchens and bathrooms and feature a combination of refin porcelain and designer wood flooring. La Maré's luxurious amenities include a rooftop infinity pool, spa facilities, a fitness center and a private 13-slip marina.

Construction is scheduled to begin in December 2024 with completion slated for Q2 2026. The development is part of Regency Development Group's larger presence in Bay Harbor Islands, which includes two additional planned luxury residential projects.

JLL Capital Market’s Debt Advisory team representing the borrower was led by Managing Director Trent Niederberger, Director Jimmy Calvo, Associate Paul Adams and Analyst Val McWilliams.

"The Project’s strong pre-sales and significant lender interest are testaments to the thoughtfulness in The Regency Development team’s approach to designing a best-in-class Project. " said Calvo. " This execution demonstrates the market’s conviction for high-end product in Miami’s top submarkets,”

“We are thrilled to partner with JLL and S3 Capital to bring the La Mare Regency Collection to life. Our vision, combined with their market expertise, will redefine the future landscape of Bay Harbor,” added Igor Michin, Managing Partner with Regency Development Group.

“I’m excited to launch this project alongside S3 Capital and Kobi Karp, introducing a new era of elegance and design to Bay Harbor living,” commented Alex Troyanovsky, Managing Partner with Regency Development Group.

Steven Jemal, Managing Director of Originations with S3 Capital said, “We are thrilled to support the development of La Maré Regency Collection, a project that perfectly embodies the elegance and allure of Bay Harbor Islands. This loan reflects our confidence in the sponsorship team’s expertise and the enduring demand for luxury waterfront living in Miami Metro.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Regency Development Group, a family-run international company founded in Chicago in 2004, has spent nearly two decades creating diverse, high-quality properties. Collaborating with top architects and industry professionals, Regency has committed to planning and building innovative spaces that people are proud to call home. With a strong foundation of expertise and a forward-thinking approach, Regency continues to shape the future of residential and commercial real estate.

S3 Capital is the lending arm of Spruce Capital Partners, a real estate investment firm that acquires and manages multi-family rental housing. S3 Capital is a national construction and bridge lender with significant expertise in development that positions it to streamline the construction process. The company offers a dedicated pool of capital, enabling it to promptly fund construction-related expenses and respond to the individual needs of borrowers. The firm has originated over $5.0 billion across more than 650+ loans and excels in financing small balance loans under $20 million and large balance loans up to more than $250 million. The firm currently has more than 150 active bridge and construction loans.