Alta lands $20M construction loan for Bay Harbor Islands condos
Led by a new developer, a once-troubled Bay Harbor Islands condo project landed a $20.3 million construction loan.
Alta Developers, led by CEO Raimundo Onetto, scored financing for Alana from LV Lending, according to a press release. Alta took over the project in May from Chilean developer Ambienta Developers, led by CEO Claudio Cordero, after the company failed to secure financing and start construction. The project would have been Ambienta’s first U.S. development, but it struggled with the rising costs of construction, in addition to financing challenges.
