Marks the Largest Loan To Date for a Residential Development in South Florida
MIAMI BEACH, Fla., Aug. 3 /PRNewswire/ -- Eric Sheppard and Philip Wolman,
principals of WSG Development Company, announced today a $386 million
construction loan with Hypo Real Estate Capital Corporation for Canyon Ranch
Living - Miami Beach, the nation's first community dedicated to healthy
living. The financing package is the largest residential construction loan to
date in South Florida and ensures the timely completion of the six-acre
oceanfront enclave for late 2006.
"Along with our lenders, we have invested a substantial amount of capital
into the healthy living concept and it is with great pride and excitement that
all three towers will be built at once," said Sheppard, who is overseeing
development of the property's state-of-the-art towers, featuring world-
renowned Canyon Ranch health and wellness facilities. "We're pleased that Hypo
Real Estate Capital Corporation recognized the strength of Canyon Ranch Living
- Miami Beach as a prestigious destination that will change the landscape of
Miami Beach forever."
Hypo Real Estate Capital Corporation was selected from an elite group of
lenders vying for the new development due to its exceptional knowledge of the
luxury real estate market, commitment to quality properties, and stature as a
well-respected finance provider. It has provided funding for select high-
profile commercial and residential projects throughout the country.
The property's design by world-class Arquitectonica includes the
preservation of the historic Carillon Hotel as the centerpiece with 150 hotel
suites, and two condominium towers of a combined 442 residences to the north
and south. Common areas spanning more than 80,000 square feet are the vision
of designer David Rockwell of NYC's Rockwell Group. To date, nearly 80 percent
of the entire property is sold, with available condominiums and beach homes
priced from $1.2 million to more than $9 million. Sheppard added that sales
have surpassed $500 million and are steadily growing. Buyers include young
affluent professionals, celebrities, athletes, presidents and CEOs of major
Fortune 500 companies.
Located at 6801 Collins Avenue, Canyon Ranch Living - Miami Beach will
take shape along 750 linear feet of direct oceanfront. It is the first
residential community for Canyon Ranch, the operator of the world's most
celebrated health resorts for the past 25 years with well-known locations in
Tucson, Arizona and Lenox, Massachusetts. The company also operates SpaClubs
in Florida, Las Vegas, Nevada, and on board Cunard's newest luxury ocean
liner, Queen Mary 2.
Hypo Real Estate Capital Corporation is the New York subsidiary of Hypo
Real Estate Bank International and the headquarters for all real estate
lending activities in the U.S. Since 1988, the group has established itself as
a leading lender in the U.S. commercial real estate market. The firm's
businesses include construction lending, fixed and floating rate lending, and
mezzanine lending throughout the Americas.
Canyon Ranch Living - Miami Beach is being developed by WSG Development
Company in collaboration with Canyon Ranch, the facility operator. WSG was
founded in 1995 by Eric Sheppard and Philip Wolman, who grew the company into
a national real estate development and investment firm specializing in
acquisition, development and construction of commercial and residential real
estate in 15 states throughout the United States.
Residents and guests at Canyon Ranch Living - Miami Beach will have access
to leisure and lifestyle space, including a Canyon Ranch SpaClub, comprised of
a state-of-the-art spa, fitness & movement therapies center. The location will
also feature the first complete European thermal suite in the U.S. An on-site
Canyon Ranch Health & Healing Center will offer preventive medicine and
wellness services. Neighborhood amenities will include walking and biking
paths along the beach, common areas for play, sports and relaxation, and an
oceanfront Canyon Ranch Cafe that will serve the company's awarded nutritious
gourmet cuisine. Floorplans include one-, two- and three-bedroom, and
penthouse condominium residences. For more information, call 305-993-0030 or
toll free at 888-987-9876, or visit the web site at
http://www.canyonranchliving.com .
Mel and Enid Zuckerman founded the original Canyon Ranch Resort in Tucson,
Arizona in 1979 and have since guided the growth of the organization into a
comprehensive world-renown brand offering an extraordinarily wide diversity of
programs and resources designed to help individuals to meaningfully enrich
their lives.
Canyon Ranch opened in Lenox, Massachusetts in 1989. The first Canyon
Ranch SpaClub opened at The Venetian Resort, Hotel, Casino in Las Vegas,
Nevada in 1999. In 2002, Canyon Ranch opened a SpaClub facility at the Gaylord
Palms Resort and Convention Center in Kissimmee, Florida. In January 2004,
Canyon Ranch debuted its third Canyon Ranch SpaClub on board the Queen Mary 2
luxury ocean liner. In 2005, Canyon Ranch was, for the 10th time, named top
resort destination in the U.S. by the readers of Conde Nast magazines.
SOURCE Canyon Ranch Living - Miami Beach
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Related links:
http://www.canyonranchliving.com
CONTACT:
Amy Zakarin, amy@zakarinpr.com, or Marcia
Martinez, marcia@zakarinpr.com, both of Zakarin Public Relations,
+1-305-444-2165, for Canyon Ranch
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