Pursuits
Miami Builder Colombo Forges Ahead With Condos Despite Slowdown
- Colombo’s CMC Group just closed $236 million in financing
- Developers are financing projects with higher-cost loans
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Developer Ugo Colombo has shored up financing for his latest high-end Miami condominium tower, one of the capstones to the downtown Brickell neighborhood that emerged from nowhere over the past decade.
Even as concerns mount about a glut in high-priced Miami condos, Colombo’s CMC Group completed $236 million in construction loans for its Brickell Flatiron project. Jim Shindell, a lawyer with Bilzin Sumberg representing Colombo on the deal, said that the financing includes mortgage and mezzanine loans.