MIAMI-Coral Gables-based H&H Development Co. has secured a $42-million construction loan for the 176-unit Gallery Art Condominium project at 333 NE 24th St., which was formerly known as Mondrian.

Coral Gables-based Commercebank provided the financing, which closed on June 29. The project broke ground in early July and is scheduled for completion in two years. The 18-story building, designed to mirror the style of artist Piet Mondrian, will also contain 10,000 sf of retail space. It will offer art-related amenities including studios used for the creation of art, galleries to showcase art and lounges to celebrate art.

The project architect is locally based Fullerton Diaz Architects. Harvey Hernandez, H&H Development Co. founder and president, tells GlobeSt.com that the loan will pay for a high percentage of the construction costs of the $100 million project. "The loan will pay for most of the construction costs, but we'll pay for some, too," he says.

The project will consist of one- and two-bedroom units that range in size from 738 sf to 1,350 sf and are priced from the $200,000s to $500,000s. More than 80% of the units have already been sold. "Securing construction financing is another milestone that we have achieved for Gallery Art Condominium," Hernandez says. "We are anticipating quick progress from this point onward, and look forward to delivering Gallery Art to its owners."