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Landau Properties nabbed a $29 million construction loan for a boutique condo project in Bay Harbor Islands, the New York-based developer announced.
The financing from BridgeInvest’s Specialty Credit Fund IV will go towards Indian Creek Residences & Yacht Club, an eight-story development with nine units and six boat slips at 9110 West Bay Harbor Drive, at the southern edge of the island.
Construction is already underway with sales expected to begin this Fall. Raffi Landau of Estreich and Company brokered the debt.
The waterfront site — which faces Indian Creek Island, where football legend Tom Brady and developer Jeffrey Soffer own property — holds a two-story, condo building that was completed in 1953.
Landau bought all 10 units for $8.5 million last year from Menachem Kranz, a Fort Lauderdale-based investor who had paid $6.5 million just five months before, according to property records.
Indian Creek Residences marks the first project for founder and CEO Jonathan Landau since leaving his position as CEO of Fortis Property Group, a prominent New York developer, last year.
Bay Harbor Islands, a wealthy enclave west of Bal Harbour, is home to other projects by prominent developers.
Just up the road from Landau’s project, Ian Bruce Eichner is developing a two-building condo complex, called La Baia. David Martin’s Terra is building a mixed-use project on the town’s main artery, Kane Concourse, after securing a $141 million construction loan last year.
Julia Echikson can be reached at jechikson@commercialobserver.com.
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