The developer of the 66-story Aston Martin Residences has secured a $200 million construction loan.
Itaú BBA International plc, a London affiliate of the Brazilian bank, issued the loan. Riverwalk East Development LLC, an affiliate of G & G Business Developments LLC, is the borrower.
The loan matures in 2023.
Over 40% of units have been presold, the developer said in October. The project includes 391 condo units ranging in price from $700,000 to $50 million.
Activity at the site has been ramping up recently, with work now regularly lasting into the night. The developers also recently obtained FAA approval to install two tower cranes, which will rise 889 feet and 851 feet. Foundation construction has been underway since October 2017.
When complete, Aston Martin will rise 816 feet above ground, or 820 feet above sea level. Brickell’s 85-story Panorama Tower is the only building in Florida now taller, at 868 feet above ground.