Ugo Colombo scores $239M construction loan for Grove Isle condos
Bank OZK provided the financing for the 65-unit planned condominium
Ugo Colombo’s CMC Group scored a $239 million construction loan for Vita at Grove Isle, adding to more than $1 billion in construction financing that developers secured in the last days of 2023.
Bank OZK provided the loan to CMC for the seven-story, 65-unit luxury waterfront condominium that is under construction on Grove Isle in Miami’s Coconut Grove. It’s more than 70 percent presold, according to a press release from CMC.
The law firm Bilzin Sumberg represented the developer in negotiating the construction loan. It replaces a $38.5 million loan Bank OZK originally provided in 2021, records show.
Construction began in April, and the bayfront development at 4 Grove Isle is expected to be completed in late 2025. Presales launched in August of 2022. Cervera Real Estate is handling sales, with the asking prices for remaining units starting at $5.7 million. Pricing for the remaining penthouses starts at $19.5 million, according to the release.
The units at Vita will be on the larger side, from three- to four-bedroom units with some that include dens. The 12 penthouses will go up to 6,600 square feet and include rooftop pools. Amenities will include a bayfront pool, bar and lounge; sports courts, a fitness center and spa; and membership to a private club at Vita. The project is being designed by CallisonRTKL, S & E Architects and Italian designers Carlo and Paolo Colombo of A++ Architecture.
The nearly 6-acre development site is adjacent to three existing 18-story condo towers that were completed between 1979 and 1981.
The neighboring condo association on the 20-acre private island and nearby residents fought the project, previously called the Markers Grove Isle, for more than a decade. In 2022, CMC bought the entity that owns the land from the previous developer, Eduardo Avila.
Colombo, a co-owner of the Collection luxury car dealership and developer of Brickell Flatiron and other towers, is also working on Onda Residences in Bay Harbor Islands. The latter boutique condo project, which he is developing with Valerio Morabito’s Morabito Properties, is expected to be completed early this year.
In Coconut Grove, Colombo is partnering with Nadim Ashi’s Fort Partners on a Four Seasons-branded residential project at 2699 South Bayshore Drive, across the street from Vita’s sales center, sources previously told The Real Deal.
Despite the challenging financing environment, a number of major construction loans closed before the year ended. Bank OZK remains a dominant player.
In December, Edgardo Defortuna’s Fortune International Group and Ricardo Dunin’s Oak Capital landed a $259 million construction loan for The Ritz-Carlton Residences, Pompano Beach. Bank OZK provided the financing. Construction of the two-building, 205-unit condo project began in 2023. Also in December, Pebb Capital scored a $173 million construction loan for the mixed-use Sundy Village project in Delray Beach. Chicago-based Monroe Capital and New York-based J.P.Morgan provided the financing.
A month earlier, Related Group and Alta Developers secured a $240 million construction loan for Casa Bella Residences, a B&B Italia-branded condo tower in downtown Miami. Cain International provided the financing for the 56-story, 319-unit development.