The Real Deal Miami

In-house solution to lending logjam

September 24, 2009 03:19PM

When the 1800 Club Downtown condo development was completed earlier this year, developers Aslan Palachi and Michael Baumann slashed prices, but still couldn’t lock down sales. They decided they’d have to help buyers finance the units. Bulk buyer Thomas Daly decided the same thing as he sought to unload scores of New Harbour House condos. Swire Properties reached the same conclusion for the buyers of units at Asia on Brickell Key. To meet their needs, the developers turned to affiliated construction lenders to secure financing for their buyers. Some experts say this kind of creative financing solution is filling a void in the credit market.