Verzasca scores $26M construction loan for Aurora condo in Sunny Isles Beach

61-unit condo project is about 70% presold

Miami /
Dec.December 20, 2018 03:30 PM

Verzasca Group Managing Director Tim Lobanov and the Aurora condo project

Verzasca Group just scored a $25.7 million construction loan for its Aurora condo project in Sunny Isles Beach.

The firm secured the loan from New Wave Loans, a nonbank lender based in North Miami Beach, which it will use to build the 17-story, 61-unit condo tower at 17550 Collins Avenue.

The project will go vertical in the first quarter of 2019 and is expected to be completed by the end of 2020, according to Verzasca’s managing director Tim Lobanov.

Lobanov said the development is about 70 percent sold with most of its buyers coming from South America. Aurora, on the non-waterfront side of Collins Avenue, is priced lower than its waterfront competition. Units start at about $700,000, with most averaging $1 million. Nearby at The Estates at Acqualina, condos start $4.2 million.

Verzasca purchased the nearly 1-acre development site in 2015 for $10.5 million.

The Bay Harbor Islands-based development firm, led by president and former NHL player Darius Kasparaitis and Lobanov, has two projects in Bay Harbor Islands – Pearl House and Le Jardin Residences. Lobanov said both projects are now sold out.

In October, Verzasca sold a nearly 33,000-square-foot property at 2000 Biscayne Boulevard for $13.1 million where it planned to build a residential tower.

The company also has projects in Russia and Europe.


Related Articles

arrow_forward_ios
Images of Arte, Ritz-Carlton Residences Miami Beach, Ritz-Carlton Residences Miami Beach and One Thousand Museum (One Thousand Museum via One Sotheby's)
Buyers shift to condos as waterfront single-family luxury inventory dwindles in South Florida
Buyers shift to condos as waterfront single-family luxury inventory dwindles in South Florida
From left: Jim Cohen, Nancy Corey, Nathan Zeder, Alicia Cervera Lamadrid, Phil Gutman and Mike Pappas (iStock)
South Florida’s pandemic-fueled residential market poised for bull run in 2021
South Florida’s pandemic-fueled residential market poised for bull run in 2021
Kathleen DuRoss Ford and 300 North Lake Way (Getty, Google Maps)
Kate Ford’s Palm Beach estate sells for $55M
Kate Ford’s Palm Beach estate sells for $55M
Jeffrey Soffer and Turnberry Ocean Club (Getty, iStock)
Argentine politico drops $12M on two units at Turnberry Ocean Club
Argentine politico drops $12M on two units at Turnberry Ocean Club
Oprah Winfrey and (inset) Lawrence Stroll over the unit (Getty)
You get a condo! Billionaire Lawrence Stroll sells Oprah’s former Fisher Island penthouse
You get a condo! Billionaire Lawrence Stroll sells Oprah’s former Fisher Island penthouse
Inside look at the Ritz-Carlton Residences Sunny Isles: PHOTOS
Inside look at the Ritz-Carlton Residences Sunny Isles: PHOTOS
Inside look at the Ritz-Carlton Residences Sunny Isles: PHOTOS
Photo courtesy of David Iglesias
Boca Beach House condo project scores $43M construction loan
Boca Beach House condo project scores $43M construction loan
Nick Rojo and Jeff Burns (Affiliated, iStock)
Affiliated Development launches $125M workforce housing fund
Affiliated Development launches $125M workforce housing fund
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...