The Real Deal Miami

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

61-unit condo project is about 70% presold
December 20, 2018 03:30PM

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.