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Dezer Properties to Finalize Sales At Trump Towers in Sunny Isles Beach, Florida

The Dezers will assume a $265 million loan from a development partnership that included the Related Group. Wells Fargo will serve as agent for a syndicate of 11 participating financial institutions.

The project's three towers each have 45 stories and 271 units. Tower 1 is sold-out and occupied. Tower 2 is in the process of closing, with Tower 3 just having secured its certificate of occupancy.

The Dezers look to sell-out the development's remaining combined 475 units within a four year time-frame, based on current absorption rates for the area.

"We will be looking to adjust prices on the remaining units based on the new economic realities of this market," says Dezer Properties president Gil Dezer. "Those looking to purchase oceanfront property will benefit from what we view as the best value in the whole of Miami Beach. The ability to purchase a Trump Towers unit for prices ranging from $350 to $600/ square foot is unprecedented."

Trump Towers was New York real estate mogul Donald Trump's second development with the father and son team of Michael and Gil Dezer. The Dezers and Trump corroborated on Trump Grande in Sunny Isles Beach, a three-building oceanfront enclave consisting of the Trump International Beach Resort, which is completed and occupied, as well as the Trump Palace and Trump Royale, located on 180^th Street and Collins Avenue.

"This agreement is the best-case scenario for both the development partnership and the financial institutions funding the project," continues Dezer. "We had a very amicable transition with the development partners, which included Jorge Perez and the Related Group, and look forward to working with Wells Fargo throughout this process."

The Dezers have compiled an impressive portfolio of oceanfront developments, which includes 45-acres of prime oceanfront property in Sunny Isles Beach. In addition to their Miami Beach properties, the Dezers' holdings include more than twenty properties in New York, including the Simon Dezer building on 5^th Avenue, the Chelsea Antiques building, the Chelsea Design Center and the Chelsea Arts Forum.

"The value of the 'Trump' name cannot be overstated," concludes Dezer. "We are very confident that the market has for the most part bottomed, and that the value we are offering in comparison to comparable buildings is unparalleled."

For Dezer Properties
Kreps DeMaria PR
Israel Kreps or Laura Acker, 305-663-3543
ikreps@krepspr.com
lacker@krepspr.com