One Thousand Museum Secures Loan 3 Weeks after Foreclosure Announcement

March 25, 2021

The future is looking bright for the developers of One Thousand Museum Residences. Just three weeks ago, the Reuban Brothers filed a foreclosure lawsuit against the developers for $82.7 million with interest. As of March 3, 2021, which is the date of the filing, 15 developer units were still available in the tower.

Within three weeks of the foreclosure announcement; Louis Birdman, Gilberto Bomeny, Kevin Venger and partners Gregg Covin and Todd Glaser, have secured and closed on a $90 million condo inventory loan from Cirrus Real Estate Partners. This new loan closed on Monday and will pay off the loan balance that was originally provided by Fortress Investment Group in 2016. It will also give the developers time to sell the additional units.

The mortgage broker for this transaction was Jim Fried, President of Sandstone Realty Advisers. A former Fortress executive, who is now the Managing partner at Cirrus Real Estate Partners, Tony Tufariello, expects the developers to sell the units with the next couple of years. Tufariello stated that they were “attracted to the buildings larger floor plans and amenities, and encouraged by the recent uptick in sales.”

The developers stated that they were planning to pay off the original construction loan but it was “pushed due to travel restrictions that hindered lenders from walking the final project.”

This luxury tower features a private rooftop helipad, valet services, and well spa. One-Thousand Museum is also home to David and Victoria Beckham.

Building Amenities:

• Double height aquatic center with indoor pool
• The Sky Lounge provides a dramatic venue for private events for residents
• Private rooftop helipad. The helipad will make nearby islands, private and commercial airports, and private yachts easily accessible
• Multiple recreation areas for swimming, sunning, socializing, and fitness
• 24/7 specialized security and valet personnel, other on-site staff including concierge, professional management, and other specialized personnel
• Custom scenting by 12.29 in all interior amenity spaces including the lobby, wellness & spa level, aquatic center, and sky lounge (can be available in residences upon request)
• Bank-quality vault with individual safe deposit box for every residence, offering residents the convenience and security of storing their valuables onsite

Residence Features:

• Private residences are accessed from the lobby via secure, high-speed elevators that feature destination-entry smart technology
• East-to-west flow-through floor plans that capture the mesmerizing panorama of Biscayne Bay and Atlantic Ocean views as well as the Miami skyline
• Oversized terraces
• Custom Italian kitchens with quartz countertops
• Induction cook tops, in wall ovens, steam ovens, microwaves, dishwashers and integrated coffee makers by Gaggenau
• Refrigerators by Sub-Zero
• Faucets by Dornbracht and other quality manufactures
• Custom-designed Italian made walk-in closets
• Interior doors throughout the residences are by Lualdi Porte. All doors have been customized with Valli & Valli’s Duemila Cinque series handles designed by Zaha Hadid
• European Interior Illumination products by Apure Architectural Lighting and other premium manufacturers customized by German designer, Uli Petzold.
• State-of-the-art home automation infrastructure by Crestron

These unique and luxurious units range from $4.95 million to $20 million and with the popularity of the luxury condo market, the inventory has become limited. If you or someone you know have an interest in purchasing one of the One Thousand Museum Residences, please contact Lucas Lechuga via email at [email protected] or by phone at 786-247-6332.