Chilean developer VDA Origin | Miami landed a $30.5 million construction loan for a planned Artefacto-branded condo project in Bay Harbor Islands.
Mauricio Moya and Sergio Guzmán’s VDA scored the financing from Joshua Crane and Robert Schwartz’s New York City-based S3 Capital, according to a press release. VDA launched sales for the planned seven-story, 27-unit Origin Residences by Artefacto in 2023. An affiliate of VDA bought the half-acre site for $4.5 million in 2021, according to property records.
Cervera Real Estate is handling sales and marketing, and 20 units are now presold, the release shows. That equates to 74 percent of the project.
The waterfront condos, planned for 9760 West Bay Harbor Drive, will have units between 2,135 square feet and 2,200 square feet, according to the release. Prices range from $3.8 million to $4.5 million. Amenities in the building will include a rooftop pool deck, club room, fitness center, coworking space and lounge. The project will also have 10 private marina slips.
The design team includes Miami-based Revuelta Architecture International and luxury furniture and home staging company Artefacto. Led by CEO Paulo Bacchi, Artefacto is furnishing units and common spaces in the project, as well as stamping its logo on the project.
Construction began in April, and is set to wrap in 2026, according to the release.
Bay Harbor Islands has been a magnet for developers in recent years. The island community has more than a dozen projects and hundreds of units in the pipeline, with developers spending millions on condo sites.
In October, Brooklyn-based developer Redhoek+ launched sales for its 18-unit Pool Haus, its second Bay Harbor Islands project. Miami-based Regency Development Group has three condo projects in the works, the nine-unit La Maré Bay Collection, 33-unit La Maré Regency and nine-unit La Maré Signature.
In August, CMC Group and Morabito Properties completed their 41-unit, waterfront Onda Residences with an estimated sellout of $170 million.
