A group of lenders has agreed to make the first major construction loan for a condominium project in the Miami area since the crash, marking a milestone in the recovery of real-state financing market for condos. Loans to build condo towers were common during the boom years, but the downturn left Florida with an enormous glut of inventory and financing for new development evaporated.
But now a group of lenders led by Birmingham, Ala.-based Regions Financial Corp. has agreed to lend $160 million to the developers of the Mansions at Acqualina, an ultraluxury, 47-story tower under construction in Sunny Isles Beach, near Miami. Condos at the project, which includes amenities such as a private movie theater, a cantilevered swimming pool and a Turkish-style spa, start at $7.75 million.