Developer of the Fairchild condo project in Coconut Grove closes on $27M construction loan

Ocean Bank is financing the 26-unit project

Rendering of the Fairchild, Oscar Rodriguez and Ricardo Vadia
Rendering of the Fairchild, Oscar Rodriguez and Ricardo Vadia

The developer behind the Fairchild Coconut Grove just closed on a $27 million construction loan for the luxury condo project, marking one of a few new condo projects to secure construction financing in recent months.

ROVR Development, led by Oscar Rodriguez and Ricardo Vadia, broke ground on the 26-unit bayfront building at 3581 East Glencoe Street in April and plans to deliver the project in September 2019, Rodriguez said.

Ocean Bank is the lender. Rodriguez said construction is expected to go vertical in a couple of weeks.

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One Sotheby’s International Realty is handling sales of the Fairchild, which is about 65 percent sold. Units range from two to four bedrooms and from 1,714 square feet to 4,114 square feet, according to a release. The developer launched sales in 2016.

The building was designed by Max Strang and will feature a rooftop pool with private cabanas; a spa with a Hammam, steam and sauna rooms; a gym; a bay walk and lounge; sunset deck; outdoor theater; dog park; boat slips and a floating dock.

ROVR is also working on projects in downtown Miami and North Miami.