Bay Harbor condo project nabs construction loan
41-unit building is 70 percent sold
Ability by Acierto just closed on construction financing for its Bay Harbor Islands development.
Miami-based LV Lending is providing the $14 million construction loan, according to a spokesperson for the project. The developer broke ground on the 41-unit building at 9521 East Bay Harbor Drive earlier this year and is about 70 percent sold.
Ability by Acierto, led by Juan Carlos Gonzalez, recently hired Pordes Residential to take over sales of the project. Units range from 900 square feet to 2,100 square feet and from the $600,000s to just under $2 million for five penthouses. The developer also recently reduced deposit requirements from 50 percent to 30 percent.
Crescendo Real Estate, which has since been acquired by One Sotheby’s International Realty, previously handled sales.
Bijou Bay Harbor is one of more than 20 projects in the pipeline in Bay Harbor Islands, which is near Bal Harbour, Surfside and Miami Beach. A recent report found that the three cities have about two years of excess luxury condominium inventory.