Developer Chateau Group obtained a $45 million loan for its Chateau Ocean Residences project in Surfside, The Real Deal has learned.
The Argentine firm received the mortgage from Israel’s Bank Hapoalim on March 21, according to Miami-Dade County records. Chateau has the ability to obtain future advances of up to $90 million from the bank over the next 20 years. It began construction on the 12-story, 58-unit building in February.
Chateau Ocean is located at 9380 Collins Avenue. Manuel Grosskopf, who runs Chateau Group with his father, Sergio, told The Real Deal last month about half of the project’s units are reserved. The company is also close to finishing construction of the 84-unit Chateau Beach in Sunny Isles Beach.