Lenders Have Loosened the Purse Strings with Nearly $900 million For New South Florida Condo Projects

by Isaac Benmergui, Esq on August 27, 2013

Profit upHow many new condo projects are coming to South Florida? About 150. And with all the development planned for east of Interstate 95 in Miami-Dade, Broward and Palm Beach, lenders have been freeing up some commercial lending monies, to the tune of $900 million. At present, the condo project loans have ranged from nearly $1 million to over $150 million.

Seven years after the crash of the real estate market in South Florida, lenders believe in South Florida commercial real estate again. Within the past 20 months, lenders have freed up financing to condo developers with nearly $900 million. And that doesn’t include the current loans to apartment developers.

At present there are less than 19,000 units available for sale. In the fourth quarter of 2008, over 60,000 resale condo units were on the market in the fourth quarter of 2008.

Currently 35 South Florida condo projects have been provided financing with $160 million going toward the Mansions at Acqualina, $105 million to the Echo Aventura project and $50 million for the BeachWalk condo-hotel at Hallandale Beach.

Getting Legal Help

The law offices of Isaac Benmergui can help you with your legal real estate needs; call 780-800-2510 or email Isaac@benmerguilaw.com for more information or to set up an appointment today.

 

 

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