Ocean Land scores $17M loan for AquaBlu in Fort Lauderdale
The project is 70% presold
Updated July 14, 1:05 p.m.: Ocean Land Investments, led by Jean Francois Roy and Dennis Eisinger, just scored $17 million in financing for its AquBlu boutique condo project in Fort Lauderdale, property records show.
North Miami Beach-based New Wave Loans Residential provided the loan.
Ocean Land broke ground on the 17-story building at 920 Intracoastal Drive in 2016 and previously secured a $7 million construction loan. The developer acquired the property for $8.4 million, paying an average of $525,000 per unit, in 2015.
A spokesperson for the developer told The Real Deal contractors are currently pouring its 12th floor. The project is now 70 percent presold, and aiming for a mid-2018 delivery date.
AquaBlu will house 35 units ranging from 2,136 square feet to 3,258 square feet and priced from $1.75 million to $3.5 million.
Each unit will have 10-foot ceilings, Italian cabinetry and quartz kitchen countertops, floor-to-ceiling windows and an optional walk-in wine cellar or pantry. Amenities include yacht slips and saltwater pools.
Ocean Land took over sales from Bankin Gilman/Coldwell Banker. It’s one of five Aqua-branded residential projects Ocean Land is developing in Fort Lauderdale’s Las Olas neighborhood. The others are AquaLuna, AquaVita, AquaVue and AquaMar.
Correction: A previous version of the story incorrectly stated the amount Ocean Land paid for the property and when it broke ground. It also stated Bankin Gilman/Coldwell Banker is handling sales. Ocean Land is now handling sales in-house.