$28M Loan Finances Privata Construction
MIAMI BEACH-Fort Lauderdale-based developer Akron Development Corp. has closed on a $28-million construction loan for Privata Town Homes, a 43-unit townhome project in Normandy Shores. Construction on the project will begin in July.
Chicago-based Broadway Bank provided the lead financing and Fort Lauderdale-based BuilderFinancial Corp., through its subsidiary BFSPE, LLC, provided additional financing for the project. The financing, along with some funds provided from the developer, will cover the just more than $30-million cost of the project, Jason Jones, of Akron Development Corp. tells.
Construction will begin after demolition of existing structures on the site, which is expected to last about a month. The demolition began earlier this month and total construction time is expected to be 12 to 15 months. Sales of the units began in October and contracts for half of the units have already been signed with additional reservations being held on select sites, Jones says.
The project is located at 25-135 North Shore Dr. Demolition of existing structures on the property began earlier in June. Privata Town Homes will be a gated community consisting of seven four-story buildings. Floor plans will range in size from 3,086 sf for a two-bedroom, two- and-a-half bath unit, to 3,642 sf for a four-bedroom, four-and-a-half bath unit with two balconies and a rooftop terrace. Preconstruction prices range from $989,000 to over $1.5 million.
“The area of Normandy Shores is a gem in the Miami Beach market. It has seen unprecedented value appreciation in the past couple of years and still remains one of the best areas to see continued appreciation as the city revitalizes the area and the South and Mid-Beach markets become overcrowded,” Jones says.
Among unit features will be two-car garages, private elevators and private balconies. Waterfront units will have private docks with water and electric hookups. Complex amenities include a pool with cabanas, tennis and basketball courts, bike paths and walking trails.