Property Markets Group closed on a $24.25 million condo inventory loan for Echo Aventura, where 20 units remain unsold nearly a year after the luxury project opened.
Emerald Creek Capital provided the financing, PMG principal Ryan Shear told The Real Deal. The loan marks the second of its kind for the 190-unit development. In December, the developer closed on a $34 million condo inventory loan from Benefit Street Partners for the then-25 unsold units.
“Condo inventory loans are becoming more popular because there is no construction risk,”Shear told TRD.
PMG completed Echo Aventura with a $104.5 million construction loan, he said. The five-acre property, at 3250 and 3300 Northeast 188th Street, features the two 11-story towers designed by Carlos Ott, a bayfront infinity edge pool and a 4,000-square-foot fitness center. Units come with smart home technology and summer kitchens.
More than 90 percent of Echo Aventura’s units are presold to a majority of North American buyers, as well as those from Latin America, including Argentina, Brazil and Mexico, PMG said. The developer began recording closings in August.
The financing marks the first for PMG and Emerald Creek. The New York-based lender has provided more than $110 million in financing for 23 deals year-to-date, according to a press release. PMG has also worked with Canyon Real Estate Partners to fund new developments in South Florida.
PMG has projects in the works from Sunny Isles Beach to downtown Miami. Muse, at 17141 Collins Avenue, will be completed by the end of 2017; Echo Brickell by next fall; and Vice, a millennial-focused apartment tower in downtown Miami, the year after. Sage Beach, in Hollywood, has also been completed.