“Construction loans still are an endangered species in most of the country, especially in overbuilt south Florida. But Martin Margulies, a luxury condo developer, has secured an $80 million loan from U.S. Trust to build a 70-unit, 24-story tower, called the Bellini, in the exclusive Williams Island area of Aventura, a northern suburb of Miami. The rub: Mr. Margulies, 74 years old, didn't get a construction loan. He got a personal loan secured by 59 pieces of modern art from his extensive collection, which includes works by Jackson Pollock, Mark Rothko, ... "I'm a real estate developer, but if I've made one big mistake,it's that I fell in love with art."”
