Miami Condo Market and Lifestyle Updates
Argentine Developer Acquires $332M loan for Luxury Condo Project

Argentine Developer Acquires $332M loan for Luxury Condo Project

by Sep Niakan | May 09, 2014

Consultatio, Argentine development company owned by Eduardo Costantini, received a $332 million construction loan for the upcoming luxury condo project, Oceana Bal Harbour.

Costantini received the mortgage from a group of lenders led by HSBC. The Argentine-owned company began development and construction for the Oceana condo in December 2013. The project includes 240 units, with all-glass walls.

“We thought it would be convenient for the company to obtain such a credit facility,” Costantini said. He also mentioned that future projects, as his firm delivers the units to those who buy them, will accumulate more cash to begin other projects in Miami and New York.

The Argentine firm is close to finishing its first U.S. development, Oceana Key Biscayne. The Key Biscayne project is projected to be completed in July of 2014. Consultatio did not receive funding from investors for the Key Biscayne project.

The Oceana Bal Harbour is located on the former site of the Bal Harbour Beach Club. The transaction has not yet been recorded in Miami-Dade County records.

 

Source: therealdeal.com

Photo credit: Oceana - oceanaresidence.com

Recent posts

Lifestyle

10 December Holiday Events You Won’t Want to Miss

by Sep Niakan | December 06, 2016

It’s my favorite time of year to be in Miami! The weather has cooled off a bit. The city’s abuzz with people from every corner of the world (thanks to Art Basel). The holiday spirit is gradually taking over, and there’s a bunch of...

Lifestyle

Car-free in Miami: How to Give Up Your Car for Lyft and Uber . . . and Love it.

by Sep Niakan | November 29, 2016

This is a story of how one Miami condo dweller (that's me, Sep Niakan) gave up his car at the end of his lease and gained freedom (and $$) in its place. If you have been thinking of getting rid of your car or know someone who is, read...

Real Estate News

How Miami Condo Sales Will Benefit from New FHA Lending Rules

by Sep Niakan | November 24, 2016

Lending, specifically FHA lending, is inching forward in favor of Miami Condos. Before President Trump pulls out any game-changers, I thought it would be the right time to reflect on a Bill passed into law by President Obama this August. The...

Real Estate News

Reflecting on BrickellHouse Robotic Parking Garage Failure

by Sep Niakan | November 22, 2016

It’s been almost a year since BrickellHouse’s robotic parking garage blunder, and I’ve been thinking about what this means for the automated parking business in Miami condos. In brief, Boomerang Systems (the robotic garage...