Developed by John Mullen of the Morgan Group, South Beach Lofts was 60% pre-sold before the construction loan was obtained, says Aries Capital president Neil D. Freeman, whose company arranged the financing for the new mortgage.
"The average price per unit was under $350,000, making this a very affordable development on the sought-after North Shore," Freeman says.
The development not only overlooks Lake Michigan, but is part of a development that also includes a conference center and eventually a championship golf course in addition to 10 different housing types. The development also includes a 230-acre historic district.
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