$41M Refinances Unsold Condo Units

AVENTURA, FL-Boca Developers obtained a nearly $41.2-million loan to refinance units at its new 250-unit Hamptons South luxury condominium project that have not yet been sold. The lender was Corus Bank NA, the banking subsidiary of Corus Bankshares Inc. The loan is secured by the unsold units and gives cash out to investors. Terms of the loan were unavailable.The 28-story project was ready for occupancy late last year. Hamptons South, developed at 20201 E. Country Club Dr., the last available parcel on East Country Club Drive, was expected to be sold out this spring. Locally based International Sales Group handles sales for the property, where units are priced from the $700,000s to $3 million. More than 75% of the units are sold.Hamptons South has about 809,000 net sellable sf of condo space and 68,000 sf of balcony space. Corus Bank also financed construction of the building. Boca Developers, based in Boca Raton, is a luxury condominium developer in South Florida. Its other condominium projects include the Peninsula in Aventura and Orchid Beach in Deerfield Beach.