Constellation Group, Boschetti Group and Vietmar scored a $42.3 million construction loan for their planned North Beach condo project.
Ella Miami Beach, a 10-story, 103-unit short-term rental-friendly condo building planned for 6940 Abbott Avenue in Miami Beach, is more than 50 percent presold, according to a press release. The developers landed the three-year, floating-rate loan for Ella from Amerant Bank, the release shows. Berkadia’s Scott Wadler and Mike Basinski helped to secure the financing.
Eduardo Otaola’s Miami-based Constellation, Jose Boschetti’s Coral Gables-based Boschetti Group and Rainer Viete’s Miami-based Vietmar launched sales for the project in 2023. Ella will have studios, one- and two-bedroom units ranging from 340 square feet to 1,100 square feet, the release shows. Buyers also have the option of buying furniture packages from Interiors by Steven G.
Ella’s amenities will include a rooftop pool, fitness center, pickleball court, spa facilities, coworking space and access to a private beach club managed by the Boucher Brothers.
Construction is set to be completed next year. Pricing for remaining units starts at $500,000, with One Sotheby’s International Realty leading sales for the project.
Ella is one of a slew of condo projects planned for North Beach. Developers have flocked to the neighborhood since 2017, when Miami Beach residents voted to increase density for projects.
Miami Beach-based Lefferts, led by Mendy Chudaitov, recently completed the 22-story, 206-unit short-term rental-friendly tower at 580 72nd Street, called 72 Park. It is 90 percent sold. The firm recently hosted a cocktail party to celebrate Lefferts’ next North Beach project, the 14-story, 126-unit Palma Miami Beach Residences at 600 71st Street.
Earlier this month, the Meruelo family and David Martin won land use changes for the redevelopment of the 3.8-acre oceanfront Deauville Beach Resort site. The developers are planning a 120-unit condo and 150-room hotel for the site.