(Read more on the debt and equity markets and the multifamily market .)

TAMPA, FL-Miami-based Cobalt Development Group has secured $66 million in construction financing for the 280-unit Slade at Channelside condominium project. With the financing, which was provided by Wells Fargo Bank, a formal groundbreaking for the project is set for Sept. 25.

A warehouse that was on the site of the project has been demolished and site work has started. The project is 60% pre-sold, which assisted the developer in obtaining the financing. A company spokesman tells GlobeSt.com that prices for the units range from $300,000 to $500,000.

The project will be eight stories with units ranging in size from 780 sf to 1,539 sf. Among unit features are nine-foot ceilings, granite countertops and stainless steel appliances. Among community features are salt and fresh water pools, and a club room. The project is located in the Channelside District, a pedestrian-friendly neighborhood with a trolley that connects the area to local attractions such as the aquarium, museums and restaurants.

Other projects that Cobalt Development Group is involved with include the 10-unit Anglers Cove at Long Key, the 96-unit Midtown Lofts in Coral Gables and the 66-unit Uptown Lofts in Miami.

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