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
The current Miami Beach North Shore library with Mayor Dan Gelber (Google Maps, Gelber)
Miami Beach seeks buyers for city-owned development sites
Miami Beach seeks buyers for city-owned development sites
The highest sale last week was a $17 million penthouse at Porche Design Tower (Porche)
Weekly condo sales dollar volume rises, led by $17M closing at Porsche Design Tower
Weekly condo sales dollar volume rises, led by $17M closing at Porsche Design Tower
DLocal founder Andres Bzurovski with the Porsche Design Tower penthouse (DLocal)
Uruguayan fintech billionaire buys penthouse at Porsche Design Tower
Uruguayan fintech billionaire buys penthouse at Porsche Design Tower
The partially collapsed 12-story Champlain Towers South condo building (Getty)
Inside the tug-of-war over the Surfside condo site’s future
Inside the tug-of-war over the Surfside condo site’s future
The Penthouse at Mansions at Acqualina has two grand salons and a covered terrace with a pool.
Developer sells Mansions at Acqualina penthouse in Sunny Isles Beach for $27M
Developer sells Mansions at Acqualina penthouse in Sunny Isles Beach for $27M
Verzasca brings on Compass to sell out remaining units at Sunny Isles condo tower
Russian developer taps Compass to take over sales of Aurora condo tower in Sunny Isles
Russian developer taps Compass to take over sales of Aurora condo tower in Sunny Isles
(Google Maps, Mansions At Acqualina)
$27M penthouse sale in Sunny Isles leads weekly condo sales
$27M penthouse sale in Sunny Isles leads weekly condo sales
Jon Paul Pérez and Gil Dezer with Residences by Armani/Casa
Related, Dezer report nearly $1B sellout at Residences by Armani/Casa
Related, Dezer report nearly $1B sellout at Residences by Armani/Casa
arrow_forward_ios

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

Loading...