Developer behind $ 70 million Clearwater luxury condo project secures loan from Mexican bank • St Pete Catalyst
Edgewater Valor Capital has secured a massive $ 35 million loan for its soon-to-open luxury condo project in Clearwater.
Serena by the Sea is a $ 70 million, 80 unit waterfront condominium under development at 1020 Sunset Point Road, located between downtown Clearwater and Dunedin.
Serena by the sea
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A rendering of Serena by the Sea at 1020 Sunset Point Road, between downtown Clearwater and Dunedin. All artist renderings provided by Valor Capital.
Clearwater-based Valor Capital received a loan of up to $ 35 million on June 25 from a Mexican bank, Banco Inbursa SA.
Holland & Knight partner Elena Otero and partner Danielle Moore, as well as members of Holland & Knight’s corporate groups and tax team, advised Edgewater Valor Capital on the new loan.
âWe consider this to be an important step,â said Moises Agami, CEO of Valor Capital. St. Pete Catalyst.
Valor hired Chicago-based JLL to find financing and several options were offered to Valor, but Valor has an existing relationship with the bank in Mexico from previous projects, Agami said. Agami also has a personal connection as he was born in Mexico and often visited Clearwater with his family growing up.
âI was surprised that every day of the week cars were parked on this property and people would sit in their cars and watch the sunset. The sunsets there are amazing, âAgami said of why he turned to this specific property.
âEach building we develop has its own character and personality. La Serena is a representation of a woman with a relaxed and luxurious lifestyle.
The chic beach condominium includes condos with two- and three-bedroom plus den floor plans ranging from 1,400 to 2,574 square feet, and penthouses up to 4,821 square feet. Individual unit prices start at $ 625,000 and go up to $ 3.5 million. To date, 56 units out of the 80 units are under contract.
âThere is so much interest in this property that we have sold units online and a lot of buyers are from outside of Florida and are unfamiliar with Dunedin,â Agami said. He also attributes the outside interest to those who saw how the state never stopped doing business during the Covid-19 pandemic.
The group also has a physical sales gallery.
Construction of Serena by the Sea is scheduled to take place this year and will take approximately two years.
An economic study showed that the project would create around 1,300 construction and maintenance jobs, as well as an economic impact of $ 200 million in the community.
When developing the plans for the condo project, Agami and her team took into consideration the security measures following the Covid-19 pandemic. These measures include air purification systems and UV lamps to kill bacteria.
Serena by the Sea is the company’s second local project, after SkyView, a 36-unit condominium located at 412 Cleveland St. in downtown Clearwater. Actor Tom Cruise is said to own a penthouse at SkyView, according to Robb Report.