Multiplan Secures $30M Loan for Ocean House Condo Development in Surfside
April 4, 2025
Multiplan Real Estate Asset Management has secured a $30 million construction loan for its upcoming luxury oceanfront condominium project, Ocean House, in Surfside.
According to property records, Coral Gables-based Bradesco Bank is financing the 12-story, 25-unit development. The loan agreement allows Multiplan to borrow up to $60 million. Led by Brazilian billionaire José Isaac Peres, the firm launched sales for Ocean House in August, with prices starting at $5.1 million.
Marcelo Kingston, managing partner at Multiplan, revealed that the penthouse is expected to be priced between $50 million and $60 million. The anticipated total sellout for the project exceeds $300 million, with Phil Gutman spearheading sales efforts.
Designed by renowned architecture firm Arquitectonica, Ocean House will feature residences spanning 2,100 to 6,300 square feet and ranging from two to five bedrooms. Residents will enjoy luxury amenities, including a rooftop pool, spa facilities, and a fitness center. According to its official website, the project is slated for completion in 2028.
Multiplan has an established presence in South Florida, having developed high-end projects such as 57 Ocean, Ocean Park, and Il Villaggio in Miami Beach. Recently, Peres assembled a 1.4-acre condo development site in Coral Gables, investing $31.8 million in the acquisition.
Peres purchased the 0.9-acre Ocean House site last year from real estate investor Vivian Dimond for $64 million. Previously, the land housed Regent Palace, a two-building condominium complex deemed unsafe and vacated in 2021 following the tragic Champlain Towers collapse. After the disaster, developers acquired aging buildings similar to Regent Palace.
Meanwhile, Dubai-based developer Damac Properties has also entered the Surfside luxury condo market. In January, it launched sales for The Delmore, a 12-story, 37-unit development on the Champlain Towers site at 8777 Collins Avenue. Unit prices start at $15 million.
