Ian Bruce Eichner’s Continuum Business experienced nothing at all to be concerned about when they were looking for a $90 million building bank loan for the La Baia South condos in Bay Harbor Islands.
“You really don’t have to pitch 100 percent sold,” he explained. “There’s almost nothing to examine when you’ve marketed all the units.”
An undisclosed New York-dependent lender is giving the funding for the offered-out waterfront project. The financial loan covers the 68-unit, 8-story developing underneath development at 9201 East Bay Harbor Travel, which is envisioned to be accomplished later upcoming yr, in accordance to a press launch.
Revenue released for La Baia South in 2021 with Phil Gutman of Phil Gutman LLC advertising and marketing the job. Ground strategies variety from one particular- to four-bed room models, with price ranges ranging from just far more than $800,000 all the way up to $3.5 million. The Luis Revuelta-designed condominium will also have 30,000 square toes of features and a dock.
The undertaking is just one of two Eichner has prepared for Bay Harbor Islands. Continuum’s second task, La Baia North, is a around twin of the south setting up and introduced sales in 2022. The 8-tale, 57-device is 50 per cent presold.
Eichner also secured a $13 million refinancing from Miami-primarily based Benmark Capital for the North building.
The properties, just 80 yards apart, build a rare advancement dynamic, in accordance to Eichner. The North building, at 9481 East Bay Harbor Generate, is about two streets north of La Baia South.
“It’s very uncommon to have projects exactly where you are building your possess comp,” he mentioned. “Normally, [with] actual estate jobs, you simply cannot examine a person to the other.”
With the achievement of La Baia South’s presales and a sunnier forecast for curiosity charges, Eichner expects to have ample curiosity from lenders when it arrives time to secure the north project’s funding.
His twin La Baia developments are two in a deep stack of luxury projects planned for Bay Harbor Islands. Ari Pearl and Jonathan Leifer jumped in on the motion in November, launching sales of their planned 8-story, 44-device Bay Harbor Towers with selling prices setting up at $1.9 million.
Benchmark, led by founder and CEO Mark Simon, has assignments in Florida, New York, Georgia, Pennsylvania and New Jersey, in accordance to its web-site. In June, Benmark provided a $15 million building mortgage to SB Improvement and Hazelton Money Team for a planned 40-story, 116-unit creating in Miami’s Edgewater.
An previously edition of this tale incorrectly recognized the financial institution for the $90 million design financial loan.
