Aston Martin Residences nabs $200M construction loan

Itaú BBA International is financing construction of the 66-story tower in downtown Miami

Nov.November 27, 2018 11:30 AM

Aston Martin Residences

UPDATED, Nov. 27, 3:20 p.m.: The Coto family of Argentina closed on a $200 million construction loan to build Aston Martin Residences, a luxury waterfront condo tower in downtown Miami.

Riverwalk East Developments LLC, an affiliate of the Coto’s G&G Business Developments, secured the financing from Brazilian lender Itaú BBA International, property records show.

G&G broke ground on the 66-story, 391-unit tower at 300 Biscayne Boulevard Way about a year ago.  It’s expected to be delivered in 2022, which could be the start of the next cycle.

Prices range from about $800,000 to more than $50 million, and Cervera Real Estate is handling sales and marketing. The project is just over 40 percent presold, according to a spokesperson.

The Coto family runs the large Coto Supermarkets chain in Argentina, and has development projects in Latin America and Europe.

The downtown Miami building is being built on the former Epic East site at the mouth of the Miami River. The developer bought the 1.25-acre property for $125 million in 2014.

A spokesperson for G&G could not immediately be reached for comment.

The sail-shaped building, designed by Revuelta Architecture and Bodas Miani Anger, is the first residential tower for Aston Martin. Amenities will include butler yacht service that delivers residents to the beach.

Banks have generally pulled back on condo construction lending in South Florida over the past year, with a few large projects as the exceptions. Despite a marketwide slowdown in luxury condo sales, the Trump Group (of no relation to the president), closed on a $558 million loan from Bank OZK in October, marking the largest condo construction loan in Miami-Dade County this cycle. The second largest construction mortgage of the cycle was the $315 million loan by Wells Fargo and Blackstone to Dezer Development and Related Group’s Residences by Armani/Casa.

The South Florida Business Journal first reported the Aston Martin loan.

Related Articles

Ross Dress for Less

Ross Dress for Less signs lease at historic former Burdines building in downtown Miami

From left: Stambul’s Daniel Peña, Hotusa Group's Amancio López Seijas and Langford Hotel at 121 SE 1st Street (Credit: Google Maps and Hotusa)

Hotusa Hotels buys the redeveloped Langford for $37M

235 Southeast 1st Street, Mika Mattingly and Cecilia Estevez

Downtown Miami office building hits market, brokers expect sale price to top $30M

Rendering of SLS Resort Residence & Marina Hallandale Beach, Ari Pearl, Sam Nazarian and Faisal Ashraf

Ari Pearl lands $100M loan to build first phase of SLS project in Hallandale Beach

From left: Santiago Vanegas, Harvey Hernandez, David Arditi, and Russel Galbut

In a sluggish condo market, these Miami developers find a sweet spot

David Martin and the site at 2655 South Bayshore Drive (Credit: Realtor)

Terra closes on $185M construction loan for latest Coconut Grove project

Jon Paul Pérez, Jorge Pérez and the downtown Miami skyline (Credit: iStock)

Miami’s biggest condo developer is going micro

Renderings of 400 Biscayne and Kevin Maloney 

Developers land $162M loan for downtown Miami co-living tower