Ocean Land scores $17M loan for AquaBlu in Fort Lauderdale

The project is 70% presold

Jul.July 13, 2017 12:15 PM

AquBlu renderings Inset: Jean Francois Roy and Dennis Eisinger

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. 

Related Articles

Daily Digest Miami

South Florida home sales struggle in October, Cipriani and Terra plan luxury condo

Daily Digest Miami

Construction worker killed in Hallandale electrocution, developer under contract for site near Fort Lauderdale Brightline

Rendering of Bodega Taqueria y Tequila, Keith Menin and Jared Galbut

Menin Hospitality’s Bodega is expanding to Fort Lauderdale

Rendering of Sailboat Bend II

Affordable housing project in downtown Fort Lauderdale lands $27M loan

Daily Digest Miami

Missoni Baia lands massive loan, Babylon Brickell owner sells Overtown property: Daily digest

Daily Digest Miami

Carl DeSantis buys Delray office building, Faena lists Miami Beach home: Daily digest

The Fort Lauderdale home and Kenny Stills (Credit: ONE Sotheby’s International Realty and Getty Images)

Ex-Miami Dolphin Kenny Stills is selling his Fort Lauderdale home

JP Morgan's announces $5M investment in affordable housing in South Florida at the Black Archives Historic Lyric Theater in Overtown on Wednesday

JPMorgan to invest $5M to build 150 new affordable rentals in South Florida