Consultatio Receives $332M Loan for Oceana Bal Harbour Development
- May 08, 2014
Miami—Argentina-based Consultatio has secured a $332 million loan from several banks led by HSBC Holdings PLC to move forward with the ultra-luxurious Oceana Bal Harbour development in Miami’s Bal Harbour neighborhood. The loan is the largest for a residential project since the 2008 financial downturn and the second U.S.-based project of Consultatio President and Senior Partner Eduardo Costantini. The first project, the 142-unit Oceana Key Biscayne condominium development, is expected to open in July and is more than 90 percent sold.
“We have an extraordinary team of lenders who have continued to support our organization and our vision for Oceana Bal Harbour,” says Costantini. “We all share the goal of building out this master plan, achieving the full density we envisioned and creating a thriving and highly amenity-rich luxury waterfront building with unmatched views of Miami’s ocean and sky.”
Homes at 28-story, 240-unit Oceana Bal Harbour are selling for $3 million to $30 million at an average price of $1,875 per square foot. More than $390 million of contracts to buy the units have been signed, with more than $470 million in commitments, including reservations. Total sales for the project are expected to range between $1.2 billion and $1.3 billion.
The site’s 5.53-acre is located at 10201 Collins Avenue in Bal Harbour adjacent 400 feet of ocean frontage, will offer residents immediate beach access.
The building, which was designed by Arquitectonica’s Bernardo Fort-Brescia, FAIA and founding Principal, will include floor plans ranging from one to four bedrooms including four penthouse residences. Amenities at Oceana Bal Harbour will include underground parking, a private poolside restaurant, a lap pool and leisure pool with cabanas, a movie theater, children’s playroom, fitness center, two tennis courts and a wine cellar. Twenty-four-hour concierge services will be provided by NFC Amenity Management. Additionally, the development will include collective ownership of two Jeff Koons sculptures.
The developer is targeting completion for some time in 2016.