New York-based private real estate lender Emerald Creek Capital originated a $24.5 million mortgage on Echo Aventura, a condominium development in Aventura, Fla., for Kevin Maloney’s Property Markets Group, Commercial Observer has learned.
The condo inventory loan from Emerald Creek is secured by 20 units in the 11-story development, and carries an 18-month term. The Carlos Ott-designed building sits on a five-acre waterfront lot at 3250 NE 188th Street and almost 90 percent of the units have been sold to a mix of buyers from South America, according to the lender.
Amenities at the residential complex include an infinity pool, a fitness center, a gym, a 24-hour concierge and valet service.
“Aligning ourselves with Emerald Creek Capital has enabled us to experience a smooth and easy transition,” said Ryan Shear, a principal of PMG. “As we are a big player in the Miami market, we look forward to working with this prestigious lender again in the near future.”
“One of [our] investment strategies is to invest in trophy assets,” Mark Bahiri, a managing partner at Emerald Creek, said in prepared remarks provided to CO. “Echo Aventura is a best-in-class project on an irreplaceable bay-front location. From an architectural and amenity standpoint, not one detail was overlooked. We were extremely pleased to work with such excellent sponsorship and we look forward to continue building our relationship with PMG.”
Emerald Creek, which was founded in 2009, primarily provides short-term financing, and year-to-date has originated $110 million in debt across 23 deals.