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Developer Gets $68M Loan for Condo Tower

MIAMI-Neo Concepts LLC, based here, is planning to start construction of its second tower, NeoVertika, in the first quarter. The developer obtained funding for the $80-million project through Wachovia Bank NA.

By Melissa Bogdany | Updated on February 18, 2004

MIAMI-Locally based Neo Concepts LLC has secured a $68-million construction loan for a planned 36-story, 443-unit loft condominium tower called NeoVertika in the city. With the financing committed, the project is set to break ground this quarter.

The developer obtained the funding for the $80-million NeoVertika, its second project, through Wachovia Bank NA. Jess Lawhorn Jr., senior vice president of Wachovia Bank, helped facilitate the financing transaction.

NeoVertika will be located on 2.2 acres at 690 S.W. 1st Court in Brickell Village, on the South Bank of the Miami River. Prices for the splits, or two-story units, start in the $250,000s. In addition, prices for the flats start in the $160,000s.

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