Carlton Provides $125M for Miami Beach Condo Project
Carlton Advisory Services has arranged $125 million in financing for a Christa Development Corp. and Bluerock Real Estate L.L.C.-developed condominium project in Miami Beach.
The venture will convert the Caribbean Ocean Hotel to condo units and build a 19-story condo tower next to it. In total, the Caribbean project (rendering pictured) will total 103 condo units. Carlton also provided a $50 million bridge loan for the venture.
Even though Miami has consistently topped the lists of markets to watch for a condo bubble, Carlton senior executive vice president Marc Sznajderman told CPN that the Caribbean project is already 70 percent leased and is under construction--a promising fact in an industry beginning to be plagued by false starts."Although the velocity has slowed, the market has not gone away," he observed.
Completion of the Caribbean is expected by 2008.