NEW SMYRNA BEACH, FL-Trovillion Construction and Development Co. paid about $1.6 million for a one-acre tract facing the Atlantic where the Winter Park-based developer is building the Wave, an exclusive seven-story, 11-unit luxury condominium community where unit prices are projected to start at $700,000.

The Orlando office of Atlanta-based Primary Capital Advisors arranged an approximately $6.6-million, interest-only, two-year acquisition and construction loan at an interest rate of 2.5% over Libor from AmSouth Bank for the project.

The loan-to-value factor was 90% of all costs. The seller was a private owner who received about $36.73 per sf for his single-family home property at 2801 Hill St. The deal took only 90 days to complete, from contract signing to closing.

Todd F. Cohen, Florida manager of Primary Capital’s Income Property Capital Group, tells the hard and soft construction costs of the Wave “will be well above $200 per sf in all, due to the high level of finishings on the project.” Average living areas are 1,800 sf to 3,000 sf on private floors. Occupancy is expected by year end 2005. Ocean Properties in New Smyrna Beach is handling sales.

“The unit interiors will include some of the finest finishes available and will be a smart house, wired for data, entertainment and security,” Cohen says. “Once completed in about nine months, the Wave will raise the bar for other projects up and down the east coast of Florida.”

Cohen doesn’t think New Smyrna Beach, two miles south of Daytona Beach, is overbuilt with condos. “No way,” the broker tells “Rates are low which will keep demand high. It is underbuilt, in my opinion, as absorption remains high.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt. Multifamily Fall 2024Event

Join the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.