"Due to the fact that the developer was confident the area would be strong for the sale of eight high-end condo units, the bank didn't require any presales prior to construction," says Aries Capital president Neil D. Freeman. "This was good news as presales typically tend to dilute profit margins."
The condominiums are being built on a 28,000-sf site at 817 Hinman Ave. by Tom Engel and Jim Torbic.
The construction loan comes due in 18 months. Units are all two-bedrooms but range from 1,500 sf to 2,600 sf.
NOT FOR REPRINT
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
