Project Rendering + Google Street View of 3034 Oak Avenue Building with (LR) Broker Dan Hechtkop, Developers Nick Hamman and Jeremy Wax, Douglas Elliman Jay Parker (Google Maps)
UPDATE Aug 26 3:20 PM: The developer of a boutique condominium project near CocoWalk in Coconut Grove has taken a dark turn, and the lender is considering foreclosure on the partially completed building.
Canadian lender Trez Capital has filed a foreclosure lawsuit against the developer of Arbor Residences, ruling that the company failed to repay a loan of approximately $21 million and completed a five-story, 48-unit building at 3034 Oak Avenue. I claimed I couldn’t do it.
A partnership between Nick Hamann’s Urban Atlantic Group and Jeremy Waks’ Oak Ventures launched the Arbor five years ago. His Miami-based developer, 3034 Oak Park LLC, has hired Douglas Elliman to lead sales. Units start at about $800,000.
Trez Capital’s Florida office, led by Brett Forman, provided $20.7 million in construction loans in 2019 and $2.3 million in bridge loans in 2017. The project he planned to complete in 2019. Developer for the last 3 years.
It is unknown when work on the project stopped, but the building has windows and doors. The ground floor and driveway appear unfinished and two “Sorry we miss you” stickers from UPS have been pasted on the building for weeks, along with a code violation from the City of Miami. .
Hamann said it was in the final stages of refinancing the loan, calling it “disappointing timing” for Trez Capital. “We intend to complete it and deliver a quality building,” he said.
The project has almost sold out, Harman added.
Torres declined to comment. Douglas Elliman did not immediately respond to a request for comment.
Trez owed approximately $18 million in principal as of August 12, according to court filings. Under that contract, the developer was to complete the project and pay $750,000, plus about $220,000 in probation and legal fees, by June 27th. Pay another $4.3 million by July 13th.
When the project started, Hamann said: real He said it is targeting buyers discounted from the coconut grove market, pointing to single-family homes starting at $1 million and up. “We offer a very central location at a lower price point than that,” he said in his 2017. Walking distance from Cocowalk and nearby downtown.
Since then, Grove single-family home and condo prices have skyrocketed. Arbor buyers may be even more expensive than before.
Rising construction costs, labor issues, and supply chain issues are also affecting developers. The developer of a stalled condominium project on Bay Harbor Island handed over the project to Alta Developers earlier this year after failing to secure financing and development costs were higher than expected.
Designed by Behar Font & Partners, the Arbor was expected to have 2-3 bedroom units ranging from approximately 1,500 to 2,300 square feet and four penthouses. Duplex loft and townhome-style units had 20-foot ceilings, and overall amenities included a rooftop terrace with an outdoor theater, and a backyard deck with a pool and lounge area.
Arbor LLC paid approximately $5.3 million for 0.8 acres of land in 2015.