$24 Million Condominium Loan in Aventura
We recently provided a $24,250,000 loan in Aventura, Florida. The loan is secured by twenty newly constructed residential condominium units in Echo Aventura, a 190-unit luxury waterfront property developed by New York and Miami based developers Kevin Maloney and Ryan Shear of Property Markets Group (PMG). Year to date, Emerald Creek has provided more than $110 million in loans over 23 transactions.
Built on a five-acre lot and completed in 2015, the meticulously designed glass condominium tower by conceptual designer Carlos Ott has been well-received, with nearly 90 percent of the units in the 11-story property having already been sold. The property offers spacious flow-through units and extensive amenities, including a bay-front infinity-edge pool, fitness center and gym, and 24-hour concierge and valet services. In addition, the units come equipped with Savant smart home technology, enabling the entire unit to be controlled by Apple based products such as an iPad. Echo Aventura represents a strong mix of buyers from Argentina, Brazil, Mexico, Venezuela and Colombia and the new owners are excited to reside in the prestigious area of Aventura.
“One of Emerald Creek’s investment strategies is to invest in trophy assets. Echo Aventura is a best in class project on an irreplaceable bay-front location. From an architectural and amenity standpoint, not one detail was overlooked,” said Mark Bahiri, Managing Partner of Emerald Creek Capital. “We were extremely pleased to work with such excellent sponsorship, and we look forward to continue building our relationship with PMG.”