HSBC-Led Group Lends $332M for Bal Harbour Luxury Residential Tower

By Keith Loria, Contributing Editor

Consultatio Real Estate has received a $332 million loan from a consortium of banks led by HSBC to develop Oceana Bal Harbour, a planned 240-unit luxury residential development in Miami’s Bal Harbour village.

“Bal Harbour is a special area in South Florida so we want to deliver a special product over there,” Marcos Corti, President of Consultatio USA, told Commercial Property Executive. “The location of the site is in the center of the village, so it’s aligned with strong access. The Bay is on the west side so there are great water views, and a green area aligned to the side.”

Located at 10201 Collins Ave., Oceana Bal Harbour will be an all-glass 28-story tower situated along a 400-foot stretch of oceanfront at the former site of the old Bal Harbour Beach Club. Units will be one-, two-, three- and four-bedrooms, and there will be four penthouse residences with unparalleled ocean frontage.

Amenities include underground parking, a private poolside restaurant, a lap pool and leisure pool with cabanas, a movie theatre, a children’s playroom, a fitness center, 24-hour concierge by NFC, two tennis courts and a wine cellar. The building will feature sculptures by Jeff Koons and lots of art, including a mural by Brazilian artists.

“This will also be a LEED certified project and we are trying to integrate the exterior of the area, with great water views, which is why we are surrounding the building with glass,” Corti said. “You will be able to see the sunset and the sunrise and we want the beauty of the area to be felt by all.”

This is the second U.S.-based project for the Argentine-based real estate development company, which also has the Oceana Key Biscayne opening in South Florida at the end of July.

“We believe we have the two best pieces of property in South Florida at very exclusive sights,” Corti added. “We look to deliver exclusive product, very high-end product and we are confident that these will be well received.”

Oceana Bal Harbour is selling at an average price of $1,875 per square foot and has more than $390 million of signed contracts to buy units and a total of more than $460 million in commitments, including reservations. Total sales for the project will be in the range of $1.2 billion to $1.3 billion. Homes are priced from $3 million to $30 million.

Oceana Bal Harbour is expected to be completed in 2016.

According to Corti, the company will continue developing in the U.S., expecting to continue in Miami and branching out to New York.