Kevin M. O'Grady, director, and Daniel R. Sheehan, VP of LJ Melody's South Florida office in Miami, secured the financing. Sheehan tells GlobeSt.com the terms of the debt financing include "a highly leveraged capital structure using a senior construction loan from an out-of-state investment bank that leveraged the project to 85% of the capital structure with an institutional mezzanine lender that advanced 85% of the remaining equity tranche." The latter, he says, provides more costly capital, but lowers the developers' equity investment."
Ground has just broken on the 181-unit, 16-story condo at Northwest 42nd Ave. here and it is 87% sold. The strategy is to create a relatively affordable residential condo in a desirable location, 10 blocks north of Coral Gables, with a broad range of amenities. It includes 63 one-bedroom units and 118 two-bedroom units that sell for between $180,000 and $200,000.
Amenities include a pool, sundeck, gazebo, barbecue area, spa, fitness center and clubhouse with billiards. The complex also contains 9,000 sf of ground-floor retail.
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