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
Jorge Perez and Jon Paul Perez with a rendering of Solemar (Related)
Related scores $91M construction loan for luxury condo tower in Pompano Beach
Related scores $91M construction loan for luxury condo tower in Pompano Beach
Developers of Society Wynwood mixed-use project scores $142M construction loan
Developers of Society Wynwood mixed-use project score $142M construction loan
Developers of Society Wynwood mixed-use project score $142M construction loan
Todd Michael Glaser with renderings of the project (Aztec Group)
Developers of Little Havana mixed-use project score $27M construction loan
Developers of Little Havana mixed-use project score $27M construction loan
Aimco CEO Wes Powell and Laurent Morali, Charlie Kushner and Nicole Kushner Meyer of Kusher (LinkedIn via Powell, Kushner, Luarent Morali)
Aimco partners on Kushner’s $700M project, scores two big loans in South Florida
Aimco partners on Kushner’s $700M project, scores two big loans in South Florida
Aventura Mayor Enid Weisman (Facebook via Weisman, Getty)
Aventura votes to require HOAs to submit critical reports within 48 hours
Aventura votes to require HOAs to submit critical reports within 48 hours
Clockwise from top: Kenneth, Robert and Bradley Fishel with Aventura Corporate Center (Getty)
Renaissance Properties sells Aventura office complex for $140M
Renaissance Properties sells Aventura office complex for $140M
Davie student housing complex scores $62M refi, construction loan
Davie student housing complex scores $62M refi, construction loan
Davie student housing complex scores $62M refi, construction loan
A rendering of Wynwood Haus
Wynwood Haus apartment tower in an Opportunity Zone scores $38M construction loan
Wynwood Haus apartment tower in an Opportunity Zone scores $38M construction loan
arrow_forward_ios

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

Loading...