Vaster Funded: Beach House 8 Penthouse

Investment Type: Residential

Property Description: Penthouse condo

Loan Amount: $9,000,000

Amenities

Beach House 8 is one of Miami Beach’s most exclusive boutique buildings, so naturally, the building itself comes with a whole host of amenities. For instance, there are indoor and outdoor lounges for entertaining. There’s a media room for watching movies. There’s a resident pool with private cabanas. There’s an underground garage with valet parking. There’s a private fitness center. Finally, the building has a concierge service. 

Within the actual units themselves, the luxury continues in the kitchen with professional-grade stainless-steel gas ranges, double-ovens, dish-warmers, built-in espresso machines, and built-in wine coolers. Appliances like the refrigerator and the freezer quickly disappear behind bleached oak panels designed to match the rest of the cabinetry. 

The penthouse unit spans over 10,000 square feet total with about 6,000 square feet of outdoor space — complete with a private rooftop terrace with a private pool. Inside over 4,000 square feet of living space, the open concept layout boasts floor-to-ceiling windows that offer breathtaking ocean and city skyline views. The master suite alone takes up an entire floor. 

These units were created by world-renowned architecture firm Arquitectonica and designed by Italian designer Michele Bonan. 

Community

There’s truly no better location to live or invest in than Miami Beach. Miami Beach is located just off the shore from greater Miami. As an island city on barrier islands between Biscayne Bay and the Atlantic Ocean, beaches and palm trees galore. The city has much more to offer than just beaches and palm trees. 

The area is known for its 20th-century architecture within the Art Deco Historic District is listed on the National Register of Historic Places with the largest collection of Art Deco architecture in the world. 

Miami Beach consists of three different neighborhoods — South Beach, Mid-Beach, and North Beach. Beach House 8 is located in Mid-Beach with easy access to Interstate 195, Mt. Sinai Medical Center, and Miami Beach Golf Club. Other points of interest include the Miami Beach Botanical Garden, the Jewish Museum of Florida, and The Bass art museum. 

As of 2019, it was estimated that 88,885 people lived within the city limits of Miami Beach — a 1.3% increase from 2010. Unsurprisingly, the area has a large concentration of Hispanics or Latinos — making up 53%. Out of this 53%, 20% were Cuban, 4.9% were Colombian, 4.6% were Argentinian, and 3.7% were Puerto Rican. 

Financing

The owner of the penthouse unit needed to secure financing to modify the unit and stage it properly. However, it was difficult since he was an international borrower and couldn’t qualify for loans from traditional lending sources that require documentation like income tax returns, W-2s, or 1099s. 

Instead, the client approached Vaster for assistance. Vaster was not dissuaded by the property’s uniqueness; instead, we saw it as an asset. We frequently work with luxury condominiums — so we knew what the penthouse unit at Beach House 8 was worth. 

Vaster provided the client with a bridge loan of $9,000,000 to make the necessary modifications and add high-end staging with luxury furniture and art pieces so that buyers could envision themselves living there. This strategy was designed to earn the client top dollar when it came time to resell the unit once the modifications were complete. 

Vaster

As you can see, Vaster has extensive experience working with high-end multi-million dollar real estate projects in South Florida. At the same time, we also work on smaller-scale projects. Essentially, if you’re looking for a financing solution — we can help! 

We mostly do this through bridge loans — temporary financing solutions designed to “bridge the gap” between closing and permanent financing. We know that permanent financing can take a whole lot of time and effort to secure, which is why we made our process easy. We offer quick closing that big banks simply cannot. For example, we closed on the Beach House 8 loan within 14 days. As a result, you’re able to better compete in a hot real estate market that’s flush with cash buyers that can act and close quickly. 

We also know that traditional financing solutions aren’t available to everyone due to unrealistic and stringent qualification requirements. Instead of requiring a certain credit score or annual income, we consider other factors and look at the complete borrower picture when making a loan approval decision. As a result, we tend to work with foreign investors a lot — just as we did with this Beach House 8 project! 

Final Thoughts

So whether you’re interested in commercial real estate or residential, or whether you have a small project or a large project — Vaster is ready and willing to help you make it happen. The first step involves completing an online application with more information about the property in question. 

From there, you will meet with our lending experts and provide any additional information needed to process your application. We know that time is of the essence in real estate, so we have quick turnaround times. From there, you can get approved and get your money in a matter of days! With Vaster, it really is that simple — so get started now.

Sources:

Beach House 8 Condos | Miami Condo Investments

The Penthouse At Beach House 8 | Haute Residence

Beach House 8 | One by Sotheby's