Search
 

Condo Project Gets $19.6M Construction Loan

MIAMI-The financing for Ocean Blue, under construction in Miami Beach, was from Bank of America and arranged by locally based HR Mortgage & Realty Co. The 110-unit project is set to be completed by the end of the year.

By Melissa Bogdany | Updated on May 01, 2003

MIAMI-Ocean Blue, a 110-unit condominium project under construction in Miami Beach, has obtained a $19.6 million construction loan from Bank of America. The locally based, independently owned commercial mortgage brokerage HR Mortgage & Realty Co. recently arranged for the financing.

The sellout value of Ocean Blue, located on the 7500 block of Collins Avenue, is in the low $30 million range. Units range from 1,000 sf to 1,600 sf. Prices range from the $200,000s to $500,000.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.