Vaster Funded: Jade Signature Oceanfront Penthouse

Vaster prides itself on guaranteeing fast funding and satisfying outcomes for each of our clients. Our loan products and our extensive expertise in the South Florida real estate market help buyers build wealth and achieve their real estate goals.

Today, we’ll take a look at a recent case in which Vaster funded a Jade Signature oceanfront penthouse purchase that one of our clients found on Instagram. Thanks to our condo financing expertise, our client got the funding they needed to finalize their purchase and close the deal in a very quick time frame.

Investment Type: Residential Investment Property

Property Description: Oceanfront Penthouse

Loan Amount: $15,275,000

Luxury Amenities

Our client was initially looking for a high-quality penthouse in the Sunny Isles Beach area. They currently live in upstate New York and still maintain a property in that area, but they wanted to invest in a property in Sunny Isles Beach.

The solution? A penthouse at the apex of a 57-story, 192-unit oceanfront tower constructed by South Florida real estate titan, Fortune International. The Jade Signature development was completed in 2018 and is a remarkable piece of architecture, featuring gorgeous ocean views and well-designed units throughout its many floors.

However, our client wanted one of the two top units in the building, one of which was the penthouse. An 11,661-square-foot unit, this penthouse had everything our client needed. The only problem was finding a lender that can meet their desired loan-to-value.

Ultimately, the price of this luxury property was $2,015 per square foot. Our client needed a high financing infusion — and fast — if they were to secure the penthouse before someone else snagged it.

Primary Suite

Of special note to our client was the two-story primary suite inside this Jade Signature penthouse condo, which included a master bedroom, an ensuite bathroom, and plenty of living space. The two-story primary suite was the hallmark of the space, offering excellent views and extraordinary comfort even in the midst of dozens of other high-quality apartments and condos in the area.

The rest of the floor plan in this Sunny Isles property was also excellent. Its interior design was well-thought-out and included space for a fitness center, a sauna, and a private elevator to the upper penthouse section.

Bar and Wine Room

Our client was also interested in this property because of its wine and bar room. It was an expansive space with plenty of room for cultivating a wine collection, as well as places to entertain guests.

The bar and wine room were also connected to the kitchen, enabling easy entertaining and chef access for larger parties. Additionally, floor-to-ceiling windows gave the space a “sky villa” appeal.

Beach Level

The beachfront resort deck — with its organic free-form swimming pool, hot tub, and secluded cabanas — caught our client’s eye. The beach level includes a beach bar and grill that offers pool and beach service, as well as a landscaped path along the beachfront to the beach.

Terraces

Our client was also interested in the Jade Signature oceanfront penthouse because of its extensive terraces. Out of the penthouse’s 11,661 square feet of space, terraces comprised over 7500 square feet. Many of these terraces led to the penthouse’s other amenities, including a hot tub, the living room, walk-in closets, and much more.

It was a perfect setup to take advantage of the glorious weather and oceanfront views afforded by this penthouse. On top of that, the South Florida location meant that our client would get to make ample year-round use of the terraces for socializing, basking in the morning sunshine, enjoying the pleasant evening temperatures, and more.

Community

Our client was also interested in the Jade Signature oceanfront penthouse condo in part because of the surrounding community. It’s located in Sunny Isles Beach, which is a city located on one of the barrier islands in northeast Miami-Dade County.

It’s also a prime spot in the Miami real estate market, and with a population of approximately 21,468 residents, Sunny Isles Beach doesn’t feel too crowded or too isolated.

It offers phenomenal views of the Atlantic Ocean's seascape to the east and the Intracoastal Waterway to the west. The city also has the 14th tallest skyline in the US, even with its relatively low population.

There's lots for residents to see and do in Sunny Isles Beach without having to go to the main Miami metropolitan area. For example, Collins Avenue serves as a primary thoroughfare with many wonderful restaurants, culturally diverse stores, and entertainment venues for practically any taste.

As a growing resort area, Sunny Isles Beach has attracted the attention of major developers to construct condominiums and high-rise hotels. Our client’s desired penthouse condo is just one of many recent developments to add to the value of the community.

Financing

With such a valuable space and top-tier community on the line, our client turned to Vaster to get the financing they needed to secure the purchase. Our experts got to work financing a total of $15,275,000 for our client by:

Leveraging our team's knowledge in the ultra-luxury condo space to underwrite the deal quickly
Using our streamlined application and process allowed the sponsor to close quickly and hassle-free
Providing a custom structured portfolio loan and paired it with 1:1 white glove customer service

In a matter of days, Vaster had secured the financing our client needed to afford this fantastic penthouse. Our client was able to close the deal and complete the purchase without having to compete with other buyers.

Vaster

When it comes to residential or commercial real estate financing, Vaster is the go-to choice for investors, new homeowners, developers, renters, and everyone in between. Why?

Simply put, Vaster offers several key advantages that other financing partners may lack. Vaster started as a joint venture between the Fortune International Group and The Related Group, two of the largest real estate firms in the South Florida area. And while Vaster began as a private residential lender, we've recently expanded our loan products to help buyers build wealth throughout the real estate market in Florida and beyond.

The Vaster Client Benefits

Each of our clients receives the following benefits:

100% transparency. With our website portal and our loan officers’ policies, you can rest assured you’ll never run into any unexpected surprises. You’ll always know what fees you’ll face and what your mortgage will cost.
Fast closings. With speed being such a major factor in the modern market, Vaster works with each of our clients to close deals and secure financing quickly and capably so you don’t have to scramble.
Personalized assistance. Thanks to the flexibility and agility of our team, we can communicate with you 24/7 and cater to specific needs or preferences, whatever those may be.
A simple application and closing process. We anticipate all the outcomes you might encounter and keep you updated consistently on the progress of your mortgage application, funding application, and more.

As Edgardo Defortuna, CEO and President of Fortune International Group, says, “From a $200,000 first home purchase to a $25,000,000 investment property purchase, Vaster has grown into a more sophisticated company, with the capabilities to cater to the needs of any buyer."

That means, no matter what financing you might require for your residential or commercial loan, you can count on us to get the job done. When you rely on Vaster, you’ll find that the funding you need is right around the corner.

Final Thoughts

Ultimately, this Jade Signature oceanfront penthouse deal highlights the speed, flexibility, and dedication that Vaster provides for each of our clients.

You can expect this same level of service — and the same speediness — when you contact us today for help financing your residential real estate purchase or your commercial real estate purchase.

Why wait? Contact a loan officer today and see how we can help you get the funding you need for your plans to succeed.

Sources:

Billionaire Entrepreneur Adam Weitsman Buys a $23.5 Million South Florida Penthouse He Saw on Instagram | WSJ

Scrap Metal Mogul Adam Weitsman Buys Jade Signature Condo | The Real Deal

Sunny Isles Beach, Florida Population 2022 (Demographics, Maps, Graphs) | World Population Review