Dealmaker: LV Lending Closes $17M for Florida Condominiums, Land
LV Lending, Miami, closed the third phase of its $14 million construction financing for Bijou Bay Harbor, a 41-unit condominium property under construction on Bay Harbor Islands, Fla., between between Aventura and Miami Beach.
LV provided developer Ability by Acierto, Miami, an additional $2 million on September 28. To date the firm has provided $8 million of its $14 million construction loan, with the final $6 million scheduled for the next three months. LV Lending Principals Camilo Niño and Ricardo Uribe facilitated the financing.
Bijou Bay Harbor will be a nine-story waterfront property at 9521 East Bay Harbor Drive with residences ranging from 900 to 2,100 square feet. Unit prices begin in the mid-$600,000s and rise to $2 million for the penthouses. The 85 percent sold project is expected to deliver in third-quarter 2019.
LV also lent $2.6 million for 42.5 acres within Ormond Beach, Fla.’s Halifax Plantation master-planned community. Niño, Uribe and Loan Analyst Alen Hernandez made the arrangements for Dixie 95 OBD LLC. Holland & Knight Associate Rebecca Mendez represented the lender in this transaction, which also closed September 28.
The property occupies the southwest corner of Halifax Plantation just off Old Dixie Highway. Developer Jaswinder Bhatti plans to build a mixed-use development with an urgent care center, assisted living facility, restaurants and townhomes. The project, currently in site development, should break ground by fall 2019.
Hernandez said the site’s proximity to Orlando, Daytona Beach and Jacksonville as well as the market’s overall development potential were key factors in approving the loan.
Halifax Plantation is a master-planned community surrounded by 10,000-acre Tomoka State Park. The development includes 300 undeveloped acres designated for future neighborhoods. Several other developments are also underway including Estates at Halifax Plantation, Scottsmoor at Halifax Plantation and Halifax Plantation Golf Club.
