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MIAMI-Developers have received $210.29 million in construction financing for three phases of Riverfront West, a 6.92-acre development on the Miami River. One loan will pay the construction costs on the $240 million Mint condominium project, while the other will refinance two other land parcels for later development.

Developers broke ground on Mint, a 530-unit project in November. At the time of the groundbreaking almost all of the units, which range in price from the high $300,000s to more than $3 million, had been sold. Units in Mint include one-, two- and three-bedroom layouts along with penthouses and riverfront townhouses. Sizes range from 755-sf one-bedroom units to penthouses of more than 2,000 sf. It is expected to be completed in February 2009. The architect on the project is locally-based Luis Revuelta with Urbanica Group designing the interiors. Locally-based Fortune International is handling sales and marketing.

A high level of presales activity is key to securing financing for a condominium project in today’s marketplace. “There is capital for projects that have strong, and recent, presales activity. The sales on Mint were all made within the past four months,” says Holliday Fenoglio Fowler managing director Manny de Zarraga. “The projects that get financing tend to be waterfront projects which are considered to be more desirable.”

Holliday Fenoglio Fowler’s De Zarraga, Director Terri Echarte and Associate Director Kim Flores represented the borrower, Miami-based Key International. Corus Bank provided a $191.8 million adjustable-rate construction loan for Mint.

Ocean Bank provided an $18.5 million adjustable-rate land financing to refinance two other land parcels that will be developed in future phases of the Riverfront West planned development. One parcel is slated for residential development and the other for office development.

The first phase of the Riverfront West development, Mint’s sister project, is the 45-story, 510-unit Ivy. Work is progressing on the project with completion anticipated in early 2008. Key acquired this riverfront parcel in late 2003 for $18 million. Mint has 800 linear feet of riverfront and, like Ivy, has access to the 5.5-mile river walk under way as part of the 18.5-acre Riverfront West redevelopment. The strength of a developer is another factor in obtaining financing. “Key International is considered to be a strong developer. It has a lot of experience and holdings,” de Zarraga says.

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