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Developer Snags $138M Construction Loan Even as Miami’s Condo Market Sputters
A developer secured a $138 million loan to finance a 57-story waterfront condominium near downtown Miami, an impressive feat according to one analyst who says the city’s saturated condo market is well past its peak.
The financing from JPMorgan Chase Bank comes with the 100-unit Elysee nearly half sold and in the early stages of vertical construction. The project by Two Roads Development overlooks Biscayne Bay at 788 NE 23rd St. and is due to open in 2020, with prices ranging from $1.5 million to more than $10 million.
Two Roads said it’s the largest condo construction loan of the year in Miami and the first one exceeding $100 million in the city’s urban core in the past 18 months.
Peter Zalewski, principal of the Cranespotters.com database, said JPMorgan must be satisfied with the sales pace and potential for the project.