Developers move forward with planning of at least 26 new condo towers in South Florida, signs are emerging that lenders are growing eager to finance residential-oriented projects, including condo towers that were blacklisted a few years ago.
Lenders have provided at least $775 million in financing for at least 17 projects in Miami-Dade County since November 2011. Financing a variety of residential purposes from condo construction to condo developer refinancing, condo bulk purchases to land loans for local, national, and international entities.First quarter of 2012 indicate that South Florida is moving toward the next phase of the real estate cycle.
The Miami Herald recently reported that Swire Properties, real estate conglomerate with a major presence on Miami’s Brickell Key, closed a $140 million line of credit to fund the initial development of Brickell CitiCentre — the project is slated to include two residential towers. Other development entities were funded in Aventura and Miami Beach, according to Miami-Dade County records.