Canyon Ranch Living - Miami Beach Closes on $386 Million Construction Loan

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.

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