1,000 museum developers repay the loan of condo inventory

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From left to right: Gregg Covin, Kevin Venger, Louis Birdman, Gilberto Bomeny and Todd Michael Glaser (Getty Images)

Developers of the One Thousand Museum condo tower designed by Zaha Hadid in Miami have repaid their $ 90 million loan from condo inventory.

An entity led by Louis Birdman, Kevin Venger, Gregg Covin, Gilberto Bomeny and Todd Michael Glaser secured funding in March from Cirrus Real Estate Partners to repay an entity led by the Reuben brothers. The 84-unit, 62-story tower at 1000 Biscayne Boulevard was completed in 2019.

Reuben Brothers had filed a foreclosure lawsuit against the developers weeks before the developers obtained inventory funding.

The developers have satisfied the condo inventory loan following two sales totaling more than $ 30 million that took place during Miami Art Week last week, according to a statement provided to The Real Deal. A Miami buyer acquired a full storey unit and a foreign buyer acquired a townhouse unit.

Seventy-six developer sales have been recorded to date, representing approximately 90 percent of units. There are three furnished development units left, according to a spokesperson.

One Sotheby’s International Realty handled the sales of the project. Owners and residents of the unit include David and Victoria Beckham, and hotel mogul David Grutman.

The building, also referred to as the “Scorpion” tower in an episode of “Impossible Builds” due to its exoskeleton design, includes a spa, aquatic center, and rooftop helipad.

In October, a partnership that includes One Thousand Museum developers Birdman and Venger gained approval for a 649-foot-tall waterfront condo tower in Miami’s Edgewater neighborhood. Michael Konig and Alex Posth are part of the development team for 729 Edge, scheduled for 710 Northeast 29th Street.


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