ROVR Development has secured a $27 million construction loan from Ocean Bank for The Fairchild Coconut Grove, one of the few new luxury condo projects to receive such a loan in recent months. This boutique project sits on some of the last pristine water-frontage in the historic Coconut Grove neighborhood. Construction is well underway; the project broke ground in April 2018 celebrated by an event with the developers, Miami officials and top brokers in the area, including our team as The Fairchild isa ONE Sotheby's International Realty exclusive development.
"The closing of this construction loan from Ocean Bank is a significant milestone for us and an important step towards bringing our project to fruition," said Oscar Rodriguez, principal of ROVR Development. "Construction at The Fairchild Coconut Grove has been advancing on schedule."
In today's real estate market, banks typically will not grant construction loans for condo projects until they are 50 or 60 percent sold; with the help of ONE SIR this building is 65 percent pre-sold to date.
The Fairchild Coconut Groveis a collaboration between local architect Max Strang and interior designer Rafael de Cardenas. Located in the exclusive Coconut Grove neighborhood, these 26 residences are nestled againstthe backdrop of Biscayne Bay under magnificently landscaped canopies. Residences range from twoto four bedrooms with airy floor plans and ceiling heights of 11 feet, starting at $1.6 million. Each residence will feature a gourmet chef kitchen, private outdoor space, spacious walk-in closets and more.Some of the impressive amenities offered to residents include accessto private boat slips, a holistic spa, and a sunset roof deck with outdoor cinema space.The building has a distinctive Coconut Grove facade, integrating natural materials and private gardens.
Read more about the construction loan in The Real Deal and the South Florida Business Journal.
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