The Real Deal Miami

Echo Aventura condo loans hit $105M

Northstar Realty Finance Corp lent $22.5M at first
August 14, 2013 03:00PM


Echo Aventura rendering

Financing for Property Markets Group’s Echo Aventura condominium has grown to $104.5 million, the South Florida Business Journal reported.

The project’s lender, an affiliate of New York-based Northstar Realty Finance Corp, has initially doled out $22.5 million for a mortgage. Architect Carlos Ott and interior designer Yabu Pushelberg worked on the 190-unit condo, located at 3250 Northeast 188th Street, the newspaper said.

Last month, as construction began, the developer began paying brokers full commissions for contracting sales on units that won’t be ready for move-in until 2015. Philip Spiegelman, a principal of International Sales Group, handed out about $16.4 million in commissions, as previously reported. [South Florida Business Journal]Mark Maurer