$102M loan for condominium project in US

WCN Editorial Team 20 Feb 2017 NORTH AMERICA BUILDINGS

Developer Landsea has secured a $102M construction loan to finance the construction of Avora, a 184-unit luxury condominium project in Weehawken, New Jersey.

The funding was obtained with the support of Holliday Fenoglio Fowler, L.P. (HFF) through the Bank of the Ozarks.

Designed by IBI Group, the 11-storey building, which also includes 557 sq m of ground-floor retail space, will feature one-, two- and three-bedroom homes.

Amenities include a lobby with 24-hr concierge, a private screening theatre, a business centre, a private dining/boardroom, and the Avora lounge, with a bar and catering kitchen, on-site pet grooming, a strength and cardio fitness centre, and a secure, enclosed parking garage.

Landsea CEO John Ho said: “Securing this financing reflects the appeal of Avora by a commercial lending institution eager to invest in a project with an exceptional Manhattan-centric location, world-class design, and a global marketing program that has already yielded significant pre-construction sales in the United States and abroad.

“Avora continues Landsea’s nationwide strategy to acquire well-located sites in prominent United States gateway cities for transit-oriented, residential developments.”

Avora is under construction, and initial occupancy is planned for the first quarter of 2018.

* For more information on the US construction market, visit the Construction Intelligence Center Report Store.

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