The lender was Wachovia Bank Real Estate Financial Services Division. John White, senior vice president of the bank, facilitated the loan, which has a two-year term and whose interest rate is prime.
The project will consist of two 15-story towers containing 157 units, as well as a private, oceanfront Beach Club.
The third level of the first tower is currently being poured. Both towers will be built simultaneously, according to a project spokesperson. Alliance Construction, a division of Cornerstone Group, is the general contractor for Vue. Completion is scheduled for the first quarter of 2005--not far behind the originally planned date of fall 2004.
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