The New York-based investment-banking firm of Whiteweld, Barrister & Brown Inc. arranged the mezzanine financing in partnership with the real estate division of Tokyo-based Nissho Iwai American Corp.
Prior to this deal, the Dania Beach, FL-based development group secured a $15 million construction loan on the project through Bank of America.
Scheduled to open in the first quarter next year, the Venezia Las Olas contains 50 luxury condominiums priced from $439,000 for a two-bedroom unit with 1,730 sf to $963,000 for a three-bedroom unit with 3,439 sf. Already 48 units in this building at 111 SE 8th St, have been presold.
The Venezia financing package is the first venture for the investment-banking firm and the real estate division of a diversified, multi-billion dollar conglomerate. The two companies recently formed an alliance to place about $50 million in investment capital.
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