As lenders’ South Florida appetite grows, $100M construction loan sought for Echo Aventura

Miami /
May.May 17, 2013 12:00 PM

New York-based developers Property Markets Group and JDS Development Group have teamed up to raise $100 million in construction loans to build the 190-unit Echo Aventura condominium tower, Mortgage Observer Weekly reported, in the latest sign of lenders’ renewed appetite for condo construction in South Florida.

Mission Capital Advisors, which is representing the borrowers, is seeking a non-recourse loan with a three-year term and two one-year extensions, the trade magazine said.

Construction-loan lending revved back to life in South Florida last February, when a group of lenders led by Alabama-based Regions Financial Corp. bundled a $160 million construction loan for the Mansions at Acqualina in Sunny Isles Beach, a Trump Group affiliate project. The deal was the largest construction loan in the region since the housing market crashed in 2007.

Echo Aventura’s sales center broke ground Thursday, providing a glimpse of Uruguayan architect Carlos Ott’s conceptual tower, outfitted by Yabu Pushelberg. The condo will feature Apple smart home technology, summer kitchens, a 3,000-square-foot suspended bridge connecting two towers and 18 penthouses.

Property Markets Group and JD hope to cover between 50 and 60 percent of the $205 million cost of constructing Echo Aventura, Mortgage Observer Weekly reported.

Eighty units at Echo Aventura are under “hard contract,” PMG founder and principle Kevin Maloney was quoted as saying. [Mortgage Observer Weekly]Emily Schmall


Related Articles

arrow_forward_ios
Tal Aventura (Tal Aventura, Getty)
Aventura officials give thumbs-up to 86-unit condo tower
Aventura officials give thumbs-up to 86-unit condo tower
One Thousand Museum (Google Maps, Getty)
One Thousand Museum closing tops Miami-Dade’s weekly condo sales
One Thousand Museum closing tops Miami-Dade’s weekly condo sales
(Illustration by The Real Deal with Getty)
Insured losses from Hurricane Ian could reach $40B
Insured losses from Hurricane Ian could reach $40B
Matthew Baron and Alirio Torrealba
MG Developer, partner score $148M loan for Hialeah apartments
MG Developer, partner score $148M loan for Hialeah apartments
Regalia at 19575 Collins Avenue Sunny Isles Beach, Armani Residences at 18975 Collins Avenue Sunny Isles Beach, Asia Brickell Key at 900 Brickell Key Blvd, and Muse at 17141 Collins Avenue Sunny Isles Beach (Condo.com)
Miami-Dade’s August top condo sales show market emerging from summer slowdown
Miami-Dade’s August top condo sales show market emerging from summer slowdown
Fendi Chateau Ocean Residences at 9349 Collins Avenue Surfside (Google Maps, Getty)
Fendi Château tops Miami-Dade’s weekly condo sales
Fendi Château tops Miami-Dade’s weekly condo sales
Lissette Calderon with rendering of Fourteen Residences Allapattah (LinkedIn, Neology Development Group)
Lissette Calderon’s third Allapattah project scores $58M loan
Lissette Calderon’s third Allapattah project scores $58M loan
Turnberry Associates’ Jackie Soffer (Gio Alma, Getty)
Developer Jackie Soffer on SoLé Mia, Miami’s boom & more
Developer Jackie Soffer on SoLé Mia, Miami’s boom & more
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...