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LAUDERDALE-BY-THE-SEA, FL-East Coast Communities obtains an $11.5-million acquisition and construction loan to begin development of 230 Shore Court, a 17-unit townhouse-style community on the Silver Shores Waterway here. Evita Francuz, VP of Bank of America’s homebuilders division in Miami, facilitated the loan.

Robert M. Hall, one of four partners in East Coast, tells GlobeSt.com the total development cost is about $13.5 million and a sell-out of approximately $20 million is anticipated. “Seven of the 17 units are already sold,” Hall says.

The other partners are C. Scott Bensch, Bryan Gershkowitz and Armando Rubi. All have extensive development and construction experience in South Florida, and this is one of their first ventures as partners. Hall says Bensch assembled the one-acre waterfront site for 230 Shore Court from four different sellers. Existing buildings on the parcel are being demolished. Construction will begin this September with completion scheduled for 12 months later.

The property consists of three three-story buildings of four, eight and five units respectively. All are three-stories; nine units are on the water, and the complex contains 17 boat slips. Silver Shores leads to the Intracoastal Waterway for deep-water access to the ocean. There will be a pool, community courtyard and park-like setting.

The floor plans range from 2,288 sf to 3,005 sf under air. Private elevators, two-car garages, rooftop terraces and 10-foot ceilings are standard. Upgrade options include rooftop Jacuzzis, wine refrigerators, custom media rooms and libraries and other built-ins. Sales prices range from $980,000 to just under $1.5 million.

Hall says the partnership plans a second 19-unit complex, 230 Shore Cove, one block to the south of this one. “It will have six boat slips, and four units will be on the water. It’s very similar in style,” he says estimating that its construction cost will also be about $13.5 million. “We look to begin selling units this September.”

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