Consultatio Wins $332M HSBC Loan

MIAMI—Yes, lenders still have an appetite for strategically located ultra-luxury oceanfront residential towers. HSBC Holdings just inked a $332 million loan for Consultatio to finance its residential tower at 10201 Collins Avenue in Bal Harbour, FL.

Oceana Bal Harbour is a 28-story, 240-unit residential building—and the second project from Argentine developer and MALBA museum-founder Eduardo Costantini. The luxury tower is set to open its doors in 2016.

“We have an extraordinary team of lenders who have continued to support our organization and our vision for Oceana Bal Harbour,” says Costantini. “We all share the goal of building out this master plan, achieving the full density we envisioned and creating a thriving and highly amenity-rich luxury waterfront building with unmatched views of Miami's ocean and sky.”

Selling at an average price of $1,875 per square foot and boasting more than $390 million in signed contracts on units sold, Oceana Bal Harbour is set back from Collins on 5.53 acres and runs parallel to 400 feet of beachfront. All told, the project has more than $460 million in commitments, including reservations. Total sales for the project will be in the range of $1.2 billion to $1.3 billion.

Residences are priced from $3 million to $30 million. The unit mix includes one-, two-, three- and four-bedrooms, as well as four penthouses. Amenities include underground parking, a private poolside restaurant, a lap pool and leisure pool with cabanas, a movie theatre, a children's playroom, a fitness center, 24-hour concierge by NFC, two tennis courts, and a wine cellar.

This is the second Miami-area development for Consultatio. Oceana Key Biscayne, which occupies the last oceanfront site on the island, is over 90% sold and set to be complete later this year.