Developer Of $1B Aston Martin Residences Considering Building Without Loan

Aston Martin Residences, which has a sellout value of $1 billion, may be built without a construction loan.

G&G Business Developments CEO German Coto told The Real Deal that he wasn’t overly concerned with finding construction financing, and may build without it.

Aston Martin’s sales team has been “swamped” with buyer interest since a groundbreaking ceremony was held this fall, according to Alicia Cervera Lamadrid, whose firm is handling sales.

At Missoni Baia, Vlaidslav Doronin is in negotiations with several lenders for $100m in construction financing, expected to close within months. Doronin said that if he doesn’t find agreeable terms, he and his partners will build with equity.

30 units sold at Missoni Baia between July and October, according to broker Edgardo Defortuna. Sales were said to have been boosted following coverage of the October groundbreaking event.

 

 

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Anonymous
3 years ago

Sounds fantastic. By Miami standards, it’s amazing how fast this beauty went from planning to construction.

Anonymous
3 years ago

There is no actual construction other than a crane going around in circles.

Marc305
3 years ago

The Aston Martin building will be built, no question about it, and I can tell you that the closure of the street, down to one lane in front of this project has already started to affect Sales and Rentals for the other buildings. We have personally lost 3 deals so far in Met 1 and One Miami. The last buyer even asked my agent to return to the office without seeing the unit because there was no way he would put up with this gridlock for the next 3 to 4 years. This area need a tunnel, sooner rather than later.

Marc306
3 years ago

I love how people act as if this tunnel is going to appear overnight and solve all of the traffic problems in Downtown/Brickell…..

Anonymous
3 years ago

Funny how they don’t mention number of sales, maybe it’s because no one can get there due to the perpetual traffic gridlock. Building without any regards or concern to Brickell and Downtown traffic capacity and associated impact will eventually come back to haunt these Developers. Regardless, we all pay the price.

Anonymous
3 years ago

I heard there are 25 buyers, all with the last name Coto.

Anonymous
3 years ago

I highly doubt they will build without a construction loan. Sounds like they are not able to get financing at this point. Great project otherwise.

mondocondo
3 years ago

Agreed – not enough presales. “Aston Martin” branding apparently can’t cure a lot of newcomer mistakes. Project is more likely to continue to languish, a la One River Point, Elysee, etc. Cheers.

AndrewN
3 years ago

Ummm, aren’t they building Elysee right now?

Anonymous
3 years ago

they absolutely are…workers on site everyday…seawall work and piling work being done

Anonymous
3 years ago

I like the “swamped with buyer interest” comment. Translation; we haven’t sold crap.

Anonymous
3 years ago

Shame as they are the most beautiful projects to come. But I’m not surprised…

Anonymous
3 years ago

Beautiful ….build both!!!!!

Anonymous
3 years ago

Must be interesting to be able to play YOLO with $1 Billion

Bugsy
3 years ago

These guys are betting big on Miami!

Anonymous
3 years ago

I heard a rumor that Cervera is getting fired for not being able to sell the building properly. Wonder what broker firm is gonna take over??

Anonymous
3 years ago

These foreigners have deep pockets and maybe haven’t established business ties or credit.

Hello
3 years ago

Total bullshit. They’re not building without a loan. If they were “swamped” they’d already have secured loans. This is all PR spin.

Anonymous
3 years ago

A loan doesn’t come over night, it’s not that easy. It can take developers years to secure loans. They are considering starting construction without a loan suggest they have the money to start.You can start construction and still secure a loan people it doesn’t mean anything. I’m sure they know what they are doing, it will be built.

Yohan Perez
3 years ago

I been warning about this boondoggle from day 1. They paid $125 Million for just an acre of awkward slice of land. They do not even own the waterfront as it is part of the Baywalk. Its located next to a major nuisance road. Bad bad investment. They will never recoup their money.

Anonymous
3 years ago

not sure i agree…i think the individuals who purchase here are so wealthy that they dont suffer from traffic issues simply because they only are part time residents and use the apartment for vacation/winter getaway etc…the location is good from a walkability factor also….anyway…i hope it gets built… beautful project….

Anonymous
3 years ago

This is so scripted from the Cervera sales team management

PanamaJon
3 years ago

Walkability…to what?

Anonymous
3 years ago

To whole food, movie theater, baywalk, bayfront park, brickell