Constellation Group and The Boschetti Group Secure $42.3 Million Construction Loan for Miami Beach Condo
A joint venture between Constellation Group and The Boschetti Group has successfully obtained a construction loan amounting to $42.3 million from Amerant Bank. The funding is designated for a new boutique condominium project aptly named Ella, situated in the vibrant North Beach neighborhood of Miami Beach.
Project Details and Construction Timeline
The Ella project is set to rise ten stories high at 6940 Abbott Avenue, featuring a total of 103 residential units. As of now, the development team reports that about half of the units have been pre-sold, indicating strong interest in the project. Construction commenced last month, and the endeavor is projected to wrap up by next year.
Financing and Market Perspective
The three-year, floating-rate loan was facilitated by a team from Berkadia, including notable brokers Scott Wadler, Mitch Sinberg, Brad Williamson, Matt Robbins, and Mike Basinski. Wadler highlighted the strategic positioning of the development partners, noting, “The development partners were early movers in the North Beach submarket, allowing them to set the neighborhood standard for new, high-quality residential living at an attractive price point.”
Unit Specifications and Pricing
The residences at Ella will range in size from 342 to 1,089 square feet, with starting prices around $500,000. In terms of property acquisition, Constellation Group, led by Eduardo Ignacio Otaola, acquired the half-acre site for $5.5 million earlier this year, as documented in property records.
Expanding Collaborative Efforts
This venture marks the second project in collaboration between Constellation Group and The Boschetti Group. They are concurrently working on a boutique office building, known as 4225 Ponce, in Coral Gables. This office space, which spans 84,000 square feet, has already attracted UBS as a tenant for a significant 33,000-square-foot lease.
Contact Information
For further inquiries, Julia Echikson can be reached at je*******@co****************.com.
