Paraiso Bay’s construction loan has been fully repaid, just one month after the building opened.
The $92.6 million loan was issued in December 2014 by Suntrust Bank. It was fully satisfied on May 2, according to a filing by the bank.
Closings began on April 4, with the first deed hitting county records on April 10.
151 units were closed on by buyers through May 4, county records show. In total, there were 345 condos built, and 100% of units have been pre-sold.
The 53-story tower is the first of four that will open in the Paraiso Bay complex, with the others still under construction.
10 Comments on "Related Pays Off $93M Paraiso Bay Construction Loan"
Love the names… Paraiso District… Icon Beach…
That’s great…While they are at it maybe they can also pay back something to the Buyers of Paraiso for building such an ugly and plain looking building….
They ll b sorry they didn’t buy at Missoni
I’ll only agree with your comment because OKO Group actually changed the color scheme they originally had for Missioni and most likely because they weren’t moving any units due to the horrendous color and patterns they had announced originally…If there was an Uglier design worse than Paraiso in all of Edgewater it was Missioni before the color changes… Looks good now after they updated their color scheme though.. (Thank God)
i could not agree more, I really don’t what is the big deal with the whole paraiso district.
Amazing buildings…Buyers are super happy they bought at incredible prices with extraordinary views and lot more amenities (tennis,huge pool decks, marina,Restaurant by Michael Schwartz and a park) than any other project in the area.
you sound like a broker. are you a broker?
I’m glad you guys cover these sorts of stories because The Real Deal won’t cover construction loans, groundbreakings, just a bunch of gossip!
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