MIAMI—A joint venture partnership between Property Markets Group and JDS Development has secured $128.5 million in financing for two Florida condominium projects. Mission Capital Advisors arranged the capital.

The larger deal is a $106 million construction loan to complete development of Echo Aventura, a 190-unit luxury condominium high-rise at 3250 NE 188th Street in Aventura. Another $22.5-million, nearly 75%-loan-to-cost land loan on will allow the JV to develop Echo Brickell, a 166-unit luxury condominium high-rise that will be constructed at 1451 Brickell Avenue.

“Despite seeing a resurgence in the Florida condo market, it can still be difficult for a developer to secure a land loan or a construction loan, as lenders continue to tread lightly,” says Mission Capital managing director Jordan Ray. “We are very pleased to have been able arrange financing on the earlier side of the development cycle for both projects.”

Designed by world-renowned architect Carlos Ott, Echo Aventura is being developed on five acres along the Aventura waterfront. The $200 million project, which is nearly 60% pre-sold, is being developed using buyers' deposits to help fund part of the construction costs. Property Markets and JDS collected 20% of the purchase price of residences when contracts were signed and another 20% at groundbreaking. Buyers will provide another 20% upon the topping-off of the building.

“The construction loan for Echo Aventura was for approximately 50% of the total development costs, and required the borrower to retain only 5% cash equity—a rarity in this day and age, when traditional banks want to see developers have significant equity in a project,” Ray says. “While a traditional bank would give credit only for deposits on hand, in this case, the lender was willing to give credit for deposits that will be received in the future. The borrower was extremely satisfied with the lender's flexibility in providing this unorthodox and high-leverage financing.”

The land on which Echo Brickell will be developed includes 273,000 net salable square feet of buildable space. Also designed by Ott, the condominium building will be 55 stories and will offer views of Biscayne Bay, the Atlantic Ocean and the Miami skyline.