The Real Deal Miami

Consultatio gets $332M mortgage for Oceana Bal Harbour

Argentine developer receives financing from HSBC-led consortium
April 29, 2014 09:45AM

Eduardo Costantini and rendering of Oceana Bal Harbour

Eduardo Costantini and a rendering of Oceana Bal Harbour

Eduardo Costantini’s Consultatio received a $332 million construction loan for its luxury Oceana Bal Harbour condo project.

The Argentine developer told the Miami Herald it obtained the mortgage from a consortium of lenders led by HSBC. Consultatio started building the 240-unit Oceana in December 2013. The all-glass tower is rising on the former site of the Bal Harbour Beach Club.

Miami-Dade County has not recorded the transaction.

“We thought it would be convenient for the company to obtain such a credit facility,” Costantini told the Herald.

The firm is close to finishing its first U.S. development, Oceana Key Biscayne. The project is slated for a July completion. Consultatio did not receive outside financing for the Key Biscayne project.

Costantini told the Herald his firm is pursuing additional projects in Miami and New York. [Miami Herald]Eric Kalis