Related Group Obtains $50 Million Condo Construction Loan For New Tower Published on 8/25/2013 6:03:00 PM
More than three months after beginning construction on the proposed Beachwalk condo-hotel tower in Hallandale Beach in Southeast Broward County, the project's Miami-based developer - the Related Group - has obtained a $50 million loan to build the planned 31-story highrise, according to a new report from CondoVultures.com.
New York-based Deutsche Bank Trust Company Americas provided the construction loan on August 15, 2013 even though the "notice of commencement" to construct the proposed Beachwalk condo-hotel tower was recorded on May 1, 2013 and a groundbreaking ceremony occurred on May 14, 2013, according to Broward County records and a recent CondoVultures.com report.
The BeachWalk project is located on the mainland side of the Hallandale Beach Boulevard Causeway whereas another Related Group condo project - Apogee Beach - is under construction and scheduled to be completed in September 2013 on the east side of the bridge on the barrier island, according to the Preconstruction Condo Projects Database™ compiled by the licensed Florida brokerage CVR Realty™.
As of August 23, 2013, at least 11 new condo towers with nearly 1,450 units are proposed or under construction in the Hollywood / Hallandale Beach coastal market, according to the Preconstruction Condo Projects Database™.
Overall in the tricounty South Florida region, developers are proposing at least 155 new condo towers with nearly 21,250 units for coastal Miami-Dade, Broward, and Palm Beach counties as of August 23, 2013, according to the Preconstruction Condo Projects Database™.
CondoVultures.com is scheduled to profile condo trends in the second quarter of 2013 in the 10 largest coastal markets in the tricounty South Florida region of Miami-Dade, Broward, and Palm Beach counties beginning the week of July 15, 2013.
The Condo Vultures® Market Intelligence Report™ plans to publish a 10-part weekly series that analyzes the markets of Greater Downtown Miami, South Beach, Bal Harbour / Surfside / Bay Harbor Islands, Sunny Isles Beach, Aventura, Hollywood / Hallandale Beach, Downtown Fort Lauderdale and the Beach, Pompano Beach, Boca Raton / Deerfield Beach, and Downtown West Palm Beach and Palm Beach Island.
The Hollywood / Hallandale Beach coastal market is defined as Sheridan Street south to the Miami-Dade County line, and the Atlantic Ocean west to Federal Highway, according to the Condo Vultures® Official Condo Buyers Guide To Hollywood / Hallandale Beach™.
For the Related Group, the BeachWalk represents the eighth new condo tower - along with Greater Downtown Miami's 1100 Millecento Residences, ICON Bay, and MyBrickell projects; Miami's Baltus House in the Morningside area; South Beach's One Ocean (two towers); and Hollywood's Apogee Beach - to begin construction in South Florida since 2011, according to Preconstruction Condo Projects Database™.
Overall, the Related Group is proposing or building at least 18 South Florida condo towers with more than 4,300 units in projects such as Marea South Beach in the Miami Beach market; Brickell Heights, Paraiso Bay, and SLS Hotel & Residences in Greater Downtown Miami; and the ICON Palm Beach north of Downtown West Palm Beach.
Some six years after the South Florida real estate crash began in 2007, two new condo tower - 23 Biscayne Bay and 4001 North Ocean - have already been completed in the tricounty region and 35 other highrises - Aventura's Bellini At Williams Island and Echo Aventura (two towers); Fort Lauderdale's Adagio Residences; Greater Downtown Miami's 1100 Millecento Residences, Brickell Citycentre (two towers), BrickellHouse, Habitat II, ICON Bay, MyBrickell, Nine At Mary Brickell Village projects; Hallandale Beach's Beachwalk; Hollywood's Apogee Beach, Costa Hollywood (two towers), Sage Beach (two towers); Key Biscayne's Oceana (two towers); Miami's Baltus House in the Morningside area and Grove At Grand Bay (two towers) in Coconut Grove; Miami Beach's Faena House, One Ocean (two towers), Peloro Miami Beach, and Residences At Miami Beach Edition; and Sunny Isles Beach's 400 Sunny Isles (two towers), Chateau Beach, Jade Signature, Mansions At Acqualina, Porsche Design Tower, and Regalia - are under construction as the post-crash development era gains momentum, according to a CondoVultures.com report.
The push for new condo construction comes as the boom-era unit inventory is dwindling in South Florida.
Overall in South Florida, less than 2,150 new condo units remain unsold from a supply of nearly 49,000 units created since 2003 in South Florida’s seven largest coastal markets of Greater Downtown Miami, South Beach, Sunny Isles Beach, Hollywood / Hallandale Beach, Downtown Fort Lauderdale and the Beach, Boca Raton / Deerfield Beach, and Downtown West Palm Beach and Palm Beach Island as of March 31, 2013, according to a recent CondoVultures.com report.
The total number of unsold new condos does not include any of the more than 8,000 units that were purchased in bulk transactions by investment groups that plan to one day resell the units at a premium, according to the Condo Vultures® Bulk Deals Database™.
A number of the newly proposed condo units are not expected to be completed until 2014 when the unsold developer inventory from South Florida's last real estate boom and bust is projected to be sold.
It is important to note there are various stages to a residential real estate transaction in South Florida.
A transaction begins when a property is made available for sale and ends when a title is conveyed from one party to another party as a result of the recording of a deed with the local government.
As part of the process, a property typically goes under contract and into a due diligence phase by which a deal can be canceled.
The CondoVultures.com new condo sales report is based on completed transactions where a deed is recorded and taxes paid as a result of the sale.
Condo Vultures® LLC is a real estate consultancy and marketing company based in the 225 Midtown Building at 225 NE 34th St., Suite 209B, Downtown Miami, Florida, 33137. Condo Vultures® LLC can be reached at 800-750-0517.
Don't forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports to stay informed on the latest market trends and to find out about our various Condo Vultures® Seminars. Looking for a property at a deep discount? Take a peek at the Vultures Database™ or view our Video Library. Looking for bulk projects direct from developers or lenders? Visit the Condo Vultures® Bulk Deals Database™. Our new books, the Official Condo Buyers Guide to Miami™, Official Condo Buyers Guide To South Beach™, Official Condo Buyers Guide to Sunny Isles Beach™, Official Condo Buyers Guide to Downtown Fort Lauderdale and the Beach™, Official Condo Buyers Guide to Hollywood / Hallandale Beach™, Official Condo Buyers Guide to Downtown West Palm Beach™, and Official Condo Buyers Guide to Boca Raton / Deerfield Beach™, are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.
© Copyright 2013. Condo Vultures® LLC. All Rights Reserved.