A joint venture between Constellation Group and The Boschetti Group has successfully obtained a construction loan of $42.3 million from Amerant Bank. This funding will support their latest venture, a boutique condominium located in Miami Beach.

Project Details

The loan, which has a floating rate and expires in three years, is designated for the construction of Ella, a ten-story residential building situated at 6940 Abbott Avenue in the North Beach area. As of the latest updates from the development team, approximately fifty percent of the project’s 103 units have already been pre-sold.

Construction Timeline and Financing

Construction on the Ella project commenced last month, with an anticipated completion date set for next year. The financing was facilitated by a team from Berkadia, including Scott Wadler, Mitch Sinberg, Brad Williamson, Matt Robbins, and Mike Basinski.

“The development partners were early movers in the North Beach submarket, allowing them to set the neighborhood standard for new, high-quality residential living at an attractive price point,” said Wadler.

Unit Specifications and Pricing

The individual residences within Ella will range in size from 342 to 1,089 square feet, with prices starting around $500,000. In 2023, Constellation Group acquired the half-acre site for $5.5 million, according to property records.

Additional Developments

Ella marks the second collaborative project between Constellation Group and The Boschetti Group. The team is simultaneously working on another venture, an 84,000-square-foot boutique office building located in Coral Gables, named 4225 Ponce. This project has already secured UBS as a tenant, who will occupy a 33,000-square-foot space.

Contact Information

For further inquiries, Julia Echikson can be reached at je*******@co****************.com.