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.