LDG scores $10M construction loan for Aventura Village

Developer plans 96 townhouses, 12 lofts and commercial space

Nov.November 01, 2018 04:00 PM

LDG Group’s Michel Leibovich, Aventura Village

Land Developers Group just scored a $10.4 million construction loan from New Wave Loans to finish building its 108-unit Aventura Village townhome project.

Aventura-based LDG’s new construction loan increases its financing for the project to $13.9 million. The development will include 96 townhouses and 12 lofts at 19380 Northeast 26th Avenue. The townhomes will be built close to Aventura Mall and should be completed within 18 to 24 months, said Michel Leibovich, a director with LDG.

The project started about four months ago, Leibovich said. The infrastructure is complete and construction on the townhomes is now going vertical. Currently, the development is 42 percent sold, he said. Lofts start at $295,000; townhouses at $385,000; and garden villas at $450,000.

In addition to the townhomes and lofts, the project will include 7,200 square feet of commercial space on Northeast 26th Avenue, Leibovich said.

LDG’s other projects include Bay Harbor One, an 8-story luxury condo project in Bay Harbor Islands and Palm Villas, a 14-townhome development also in Bay Harbor Islands.

Pordes Residential recently took over sales of Palm Villas. Land Developers Group hired the brokerage to handle the remaining townhomes at the project at 9870-9880 East Bay Harbor Drive. It launched sales in 2016. Leibovich said there are five remaining units left for sale.

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