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

TRD 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
Tere Blanca and the Aventura office complex (Credit: Google Maps)

Aventura office complex Optima inks new leases

Aventura office complex Optima inks new leases
Michael Wohl and a rendering of the project

Coral Rock lands construction loan on Hialeah project

Coral Rock lands construction loan on Hialeah project
Jeffrey Soffer, Brett Mufson, David and Simon Reuben

British billionaires invest in Jeffrey Soffer’s Turnberry resort in Aventura

British billionaires invest in Jeffrey Soffer’s Turnberry resort in Aventura
Alan Ojeda and 8894 NW 44 Street in Sunrise (Google Maps)

Rilea Group scores $46M construction loan for Sunrise apartments

Rilea Group scores $46M construction loan for Sunrise apartments
David Martin, Jorge Perez, and One Park Grove (Credit: Robin Hill)

Terra and Related pay off $112M construction loan for Park Grove condo tower

Terra and Related pay off $112M construction loan for Park Grove condo tower
Masoud Shojaee and a rendering of Shoma Village 

Shoma Group scores $67M loan for mixed-use Hialeah project

Shoma Group scores $67M loan for mixed-use Hialeah project
Major key: DJ Khaled sells waterfront Aventura home for 40% discount

Major key: DJ Khaled sells waterfront Aventura home for 40% discount

Major key: DJ Khaled sells waterfront Aventura home for 40% discount
Prive at Island Estates and BH3’s Charlie Phelan, Greg Freedman and Daniel Lebensohn and Gary Cohen

Privé at Island Estates developer sues Suffolk Construction over defects

Privé at Island Estates developer sues Suffolk Construction over defects
arrow_forward_ios

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

Loading...