Rendering of Arbor Coconut Grove
The developers of the Arbor Coconut Grove, a boutique luxury condo project under construction in the Grove, closed a nearly $21 million loan.
Property records show 3034 Oak Park LLC boosted a $2.3 million loan from 2017 to $20.7 million. Trez Capital is the lender.
Urban Atlantic Group and Oak Ventures launched sales for the Arbor about two years ago with Douglas Elliman. The 52-unit building will be located behind CocoWalk.
The Arbor is being designed by Behar Font Architects and will include units ranging from 1,400 square feet to 2,000 square feet. The five-story building will have four penthouses with private balconies and two-story duplex units, in addition to condos. Amenities will range from a courtyard deck with a pool and grilling areas to a rooftop courtyard with yoga.
Units start at nearly $800,000.
Property records show 3034 Oak Park LLC paid $5.25 million for the 36,600-square-foot lot at 3034 Oak Avenue in May 2015.
Recently completed projects in the neighborhood include Terra’s Grove at Grand Bay and portions of Park Grove, which the Related Group is building with Terra. CocoWalk is also under construction, as is a new Mr. C hotel being developed by the Fort Brescia and Cipriani families.
from The Real Deal Miami https://therealdeal.com/miami/2019/03/22/arbor-coconut-grove-nabs-construction-loan/
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