Multiplan Secures $30M Financing for Luxury Oceanfront Condos in Surfside
Premier Developer Advances Exclusive Oceanfront Project with Significant Financing
Multiplan Real Estate Asset Management has successfully secured a $30 million construction loan for its highly anticipated Ocean House development, marking a significant milestone for luxury real estate in Surfside. The financing, provided by Coral Gables-based Bradesco Bank, includes provisions allowing borrowing expansion up to $60 million according to official property records, demonstrating substantial financial confidence in the project.
The 12-story luxury development at 9317 Collins Avenue will feature just 25 exclusive residences, creating an intimate community of premium homes with direct ocean access. Sales launched in August with entry pricing beginning at $5.1 million, positioning Ocean House firmly in South Florida's ultra-luxury market segment.
Multiplan, under the leadership of Brazilian billionaire José Isaac Peres, continues to expand its impressive portfolio of high-end developments across South Florida's most coveted neighborhoods. Marcelo Kingston, Managing Partner at Multiplan, revealed to industry insiders that the development's crown jewel penthouse is expected to command between $50 million and $60 million, highlighting the extraordinary caliber of this exclusive project.
Architectural Excellence and Premium Amenities Define Ocean House
Renowned architectural firm Arquitectonica, led by the visionary Bernardo Fort-Brescia, has crafted an elegant design for Ocean House that balances contemporary luxury with coastal aesthetics. The development will offer spacious residences ranging from two to five bedrooms, with generous floor plans spanning from 2,100 to 6,300 square feet.
Residents will enjoy world-class amenities curated for sophisticated coastal living, including:
- A spectacular rooftop pool with panoramic ocean views
- Comprehensive spa facilities for wellness and relaxation
- State-of-the-art fitness center with premium equipment
- Direct beach access for seaside enjoyment
- Concierge services tailored to luxury lifestyle needs
Construction timelines indicate completion by 2028, allowing meticulous attention to detail in every aspect of development. Phil Gutman, a respected figure in South Florida's luxury real estate market, is spearheading sales efforts for the project, which carries an impressive anticipated sellout value exceeding $300 million.
Strategic Land Acquisition Transforms Surfside Landscape
The 0.9-acre oceanfront parcel that will house Ocean House represents a strategic acquisition for Multiplan, purchased from Vivian Dimond in a significant $64 million transaction last year. The site previously hosted the Regent Palace condominium complex, which was evacuated in 2021 following safety concerns that emerged after the tragic Champlain Towers collapse.
This acquisition reflects a broader pattern of development activity in Surfside, where aging structures are being reimagined as luxury developments that incorporate modern safety standards and premium design elements. The transformation of these properties represents both a renewal of the Surfside coastline and an evolution toward more exclusive, boutique-style luxury developments.
Multiplan's Growing Imprint on South Florida's Luxury Market
Ocean House joins Multiplan's impressive portfolio of completed South Florida developments, including the successful 57 Ocean and Ocean Park properties in Miami Beach, as well as the iconic Il Villaggio. The company's track record of delivering exceptional luxury properties has established its reputation as a premier developer in the region's competitive real estate market.
Beyond Ocean House, Multiplan continues its strategic expansion with additional land acquisitions, including a recently completed 1.4-acre assemblage in Coral Gables acquired for $31.8 million. This active acquisition strategy highlights the developer's long-term commitment to South Florida's luxury real estate market.
Surfside Emerges as Ultra-Luxury Destination
The Ocean House development is part of a remarkable transformation underway in Surfside, which is rapidly emerging as one of South Florida's most exclusive coastal communities. The neighborhood is attracting substantial investment from international developers seeking waterfront opportunities.
Among these developments is the Delmore, a 12-story, 37-unit luxury project from Dubai-based Damac Properties, planned for the former Champlain Towers site at 8777 Collins Avenue. With units starting at $15 million, this development further solidifies Surfside's position in the ultra-luxury market segment.
Insights from Market Experts
What makes Surfside an attractive location for ultra-luxury development?
Surfside offers a unique combination of oceanfront access, proximity to both Miami Beach and Bal Harbour, and a more intimate community atmosphere than neighboring areas. The limited coastline availability makes these parcels particularly valuable for developers seeking to create exclusive residential offerings.
How does the Ocean House financing reflect current trends in luxury development?
The substantial construction loan with expansion provisions demonstrates continued strong financial confidence in the ultra-luxury segment despite broader market fluctuations. Institutions like Bradesco Bank are selectively backing developments with experienced teams and premium locations, suggesting continued strength in the highest end of the market.
Why are developers targeting aging buildings for new development?
The focus on redeveloping sites of aging buildings addresses both safety concerns and market demand. These properties often occupy prime oceanfront locations that would otherwise be unavailable, allowing developers to create modern structures with enhanced safety features and luxury amenities that meet contemporary buyer expectations.
What demographic is driving demand for these ultra-luxury condos?
These developments attract a diverse international buyer pool, including wealthy individuals from Latin America, Europe, and increasingly the northeastern United States. The pandemic accelerated migration of high-net-worth individuals to South Florida, creating sustained demand for trophy residential properties with resort-style amenities and services.
How does Ocean House compare to other luxury developments in the area?
With just 25 units across 12 stories, Ocean House offers a more boutique, exclusive residential experience compared to larger luxury towers. The project's emphasis on larger floor plans (up to 6,300 square feet) and premium per-square-foot pricing positions it among the most exclusive offerings in the Surfside/Bal Harbour corridor.
