The developers of condo project Le Parc at Brickell received a $19 million loan.
Banco de Credito Inversiones Miami Branch (or BCI Miami) gave Miami-based ALTA Developers and Strategic Properties Group the mortgage for the 128-unit project, according to a written statement released on Thursday by a spokesperson for the developers. The companies began construction at the 1600 Southwest First Avenue site last month. They hope to finish the 12-story tower in late 2015.
Preconstruction unit prices at Le Parc range from the low $300,000s to about $750,000.
“This deal shows how banks are willing to lend to well-capitalized developers building projects in great locations,” ALTA CEO Patricio Ureta said. “This loan speaks very highly of our development given the fact that lenders continue to be cautious.”
ALTA and Strategic are working with Greystone on two Miami-Dade developments: the Mile multifamily building in Coral Gables and a 156-unit mixed-use project in Edgewater. They are also partnering with the Related Group on its One Paraiso development in Edgewater. — Eric Kalis