Consultatio gets $332M mortgage for Oceana Bal Harbour

Argentine developer receives financing from HSBC-led consortium

Apr.April 29, 2014 09:45 AM

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

Related Articles

Mark Notkin, Dina Goldentayer and David Siddons and the Oceana Bal Harbour unit (Credit: Douglas Elliman)

Junk bond manager sells Bal Harbour condo at a loss

Oceana Bal Harbour (Credit: iStock)

Online ticketing mogul sells Oceana Bal Harbour condo at a loss

Chad Carroll, Cyril Matz and Fernando Alves with unit 2501 at Oceana Bal Harbour

Brazilian retail mogul buys Oceana Bal Harbour condo for $8M

(Credit: iStock, Oceana Bal Harbour)

South Carolina newspaper family’s trust buys Oceana Bal Harbour condo

88 Bal Bay Drive with Jeff Miller and Ruth and Alan Zelcer

Underwear manufacturers shed Bal Harbour mansion for $12M

Morris Gad and St. Regis Bal Harbour

Diamond in the rough: New York jeweler buys condo at St. Regis Bal Harbour

224 Bal Bay Drive with Dina Goldentayer and Michael Polsky

Waterfront Bal Harbour home trades for $24M, setting new record

The week in luxury: A map of Miami-Dade’s priciest condo sales

The week in luxury: A map of Miami-Dade’s priciest condo sales