X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.”

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?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

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

  • Free unlimited access to GlobeSt.com'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 ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.