Lenders to Extend Line of Credit for South Florida Condo Developers
by Sep Niakan | May 29, 2012
All indicators point to a possible comeback of the residential condo development market in South Florida, including in Brickell Miami and Williams Island. A veteran luxury developer and even a Hong-Kong conglomerate company received more than their two cents in the venture.
First on the list, Hong-Kong based real estate giant, Swire Properties, reportedly closed a new line of credit worth a staggering $140 million in order to begin development on the much-hyped Brickell CitiCentre. The funding came as a surprise considering that lenders were expecting an untimely comeback for the S. Florida condo market, even when real estate analysts were bearish. The initial proposal revolves around a six-tower project, although no one is to say whether developers will hit a brick wall or go much further than general expectations.
Sequentially, Martin Z. Marguilies, a well-known veteran residential developer, has also hit it big with lenders on his own upcoming project, the Bellini at Williams Island. The 24-story tower took at least $80 million in funding, but Marguilies had to put significant skin in the game as well.
Not only are the developers now willing to go forward with large scale projects in South Florida, but bankers and investment institutes are stepping forward to back these projects.
Do you think lenders and developers are making the right move? Is the Miami condo market set for another major boom? Chime in by commenting below.
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