CMC, Morabito Score $65M Loan for Onda Residences

CMC Group’s Ugo Colombo, Valerio Morabito and the rendering of Onda Residences (CMC Group, Valerio Morabito)

CMC Group’s Ugo Colombo, Valerio Morabito and the rendering of Onda Residences (CMC Team, Valerio Morabito)

Ugo Colombo’s CMC Group and Morabito Properties nabbed a $64.5 million personal loan to finish design of a waterfront luxury condominium in Bay Harbor Islands.

Lender OZK supplied the financing for the joint venture’s Onda Residences, a prepared 41-unit, eight-story progress at 1135 103rd Street, according to an emailed statement from Colombo, Miami-dependent CMC Group’s founder and president. Morabito is a Miami Beach-primarily based advancement organization led by Valerio Morabito.

After breaking ground late very last year, vertical design is very well underway, Colombo stated. Slated for supply in 2023, Onda Residences is a lot more than 85 percent sold, with a the greater part of buyers from throughout the U.S., he added. Fortune Worldwide Team is managing sales.

Costs array from about $1.6 million for a 1,809-sq.-foot device to $8 million for a 5,073-square-foot penthouse. Intended by Arquitectonica, Onda Residences will have a lot more than 300 toes of bay frontage and a personal marina with 16 slips. The making will also have a shared rooftop pool deck and lounge, health and fitness middle, yoga studio, spa, steam bath and sauna rooms, as effectively as a garage with electrical auto charging stations and bicycle storage.

Luxurious developers have many multifamily and condominium projects in the will work in Bay Harbor Islands. Last month, Regency Development Group, a Chicago-based residential and business developer, compensated $22.5 million for a 1.3-acre waterfront assemblage that has internet site program approvals for luxurious mid-increase condos. Seller Two Streets Improvement had earlier proposed developing a seven-story, 26-device rental project on the site.

In late April, developer Menachem Kranz finished a $6.5 million bulk order of a 10-unit condominium at 9110 West Harbor Generate. Kranz programs to redevelop the house into an 8-tale making with 10 condos, 8 boat slips, a rooftop pool, lanai pool and significant balconies.

Clara Residences, a Miami-based genuine estate enhancement agency led by founder and CEO James Curnin, also purchased 4 rental attributes in Bay Harbor Islands in late April that will be redeveloped into luxurious residences. A Clara affiliate compensated $17.6 million for the non-contiguous assemblage exactly where the corporation programs to create 3 six-story multifamily structures.