Led by a new developer, a once-troubled Bay Harbor Islands condo project landed a $20.3 million construction loan.
Alta Developers, led by CEO Raimundo Onetto, scored financing for Alana from LV Lending, according to a press release. Alta took over the project in May from Chilean developer Ambienta Developers, led by CEO Claudio Cordero, after the company failed to secure financing and start construction. The project would have been Ambienta’s first U.S. development, but it struggled with the rising costs of construction, in addition to financing challenges.
LV Lending is a Miami-based private lender led by Camilo Niño. It recently provided financing for Congress Group’s 27-story apartment building in the Miami Health District. In a statement, Niño noted his interest in supporting “trusted and reliable” developers. Foreign developers, like Ambienta, with less experience in the South Florida market, can be considered riskier than veteran developers.
Alta began construction in May on the seven-story, 30-unit Alana, formerly known as Ambienta, at 9901 West Bay Harbor Drive, according to the release. Construction is expected to be completed in late 2024. Units will range from 1,200 square feet to 1,600 square feet, with two- and three-bedroom floorplans. The building will have a rooftop pool and outdoor kitchen, the release shows.
Miami-based architect Luis Revuelta designed the building, with landscaping designed by David J. Odishoo.
Ambienta launched sales of the building in March 2021 with prices ranging from $761,000 to $1.2 million, with Edgardo Defortuna’s Fortune International Group leading sales and marketing. Onetto kept Fortune on as the brokerage for the project when he took over in May, and relaunched sales with higher prices. Prices now start at $1.27 million, according to the release.
Twenty of the 30 units had been pre-sold when Alta took over, Defortuna confirmed at the time. Buyers were offered the opportunity to re-sign for the units at higher prices.
Bay Harbor Islands has seen a flood of condo development in recent years. Ugo Colombo’s Onda Residences, Clara Homes’ Clara Bay Harbor, and Ian Bruce Eichner’s La Baia are just a few of the condominiums in the works. Chicago-based Regency Development Group also launched sales of its planned La Maré condos in April.