Pompano Beach’s first new beachfront condo project in nearly a decade just closed $45 million in construction financing.
Sabbia Beach, developed by Fernbrook LLLP, is more than 65 percent sold, according to a press release. Ocean Bank is the lender.
The development team is led by Danny Salvatore, president and founder of Canada-based Fernbrook Homes, and Federico Fernandez, CEO of Venezuela-based Grupo Fernandez.
The 19-story, 68-unit tower officially broke ground in May and plans to be completed by the second quarter of 2018. Verdex Construction is the general contractor. Condos are priced from $1 million to $5.3 million, and the majority of buyers are domestic, Canadian and Venezuelan. The units range in size from 1,850 square feet to 4,900 square feet, or an average of $685 per square foot.
Instead of the typical 50 percent deposit required by the vast majority of South Florida preconstruction condos, Sabbia Beach requires a 20 percent deposit initially, then another 15 percent at groundbreaking, then the rest at closing. Earlier this year, developers even offered an incentive to Canadian buyers. Through a deal with Bank of Nova Scotia, Canadians were able to borrow the U.S. dollars necessary for a preconstruction condo deposit — by placing the equivalent amount in Canadian dollars on deposit as collateral with the bank.
Arquitectonica designed the Pompano Beach tower, which has Interiors by Steven G. and tropical landscaping by ArquitectonicaGEO. Amenities include 200 feet of beach, an oceanside heated pool, fitness center, spa, 3,600-square-foot social room and 24-hour valet parking. – Katherine Kallergis