Constellation, Boschetti Secure $42M to Build Boutique Condo in Miami Beach

A venture led by Constellation Group and The Boschetti Group nabbed a $42.3 million construction loan from Amerant Bank for a boutique condo building in Miami Beach, the joint venture announced. 

The three-year, floating-rate loan covers Ella, a 10-story project at 6940 Abbott Avenue in the North Beach neighborhood. So far, the 103-unit development — a partnership with Vietmar — is about halfway pre-sold, per the development team. 

Construction got underway last month and is expected to be completed next year. Berkadia’s Scott Wadler, Mitch Sinberg, Brad Williamson, Matt Robbins and Mike Basinski brokered the financing. 

“The development partners were early movers in the North Beach submarket, allowing them to set the neighborhood standard for new, high-quality residential living at an attractive price point,” Wadler said in a statement.

Residences range from 342 to 1,089 square feet, with prices starting around $500,000. Constellation Group, led by Eduardo Ignacio Otaola, purchased the half-acre site for $5.5 million in 2023, according to property records.

Ella is the second team project involving Constellation Group and The Boschetti Group, which are also developing a boutique office building in Coral Gables. Called 4225 Ponce, the 84,000-square-foot building, still under construction, landed UBS as a tenant in a 33,000-square-foot deal. 

Julia Echikson can be reached at jechikson@commercialobserver.com.