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Developer behind $70M luxury Clearwater condo project secures loan from Mexican bank
Edgewater Valor Capital has secured a whopping $35 million loan for its luxury condo project in Clearwater, which will soon break ground.
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.
Clearwater-based Valor Capital received a loan of up to $35 million from a Mexican bank, Banco Inbursa S.A. on June 25.
Holland & Knight partner Elena Otero and associate Danielle Moore, along with team members in Holland & Knight’s corporate and tax groups, advised Edgewater Valor Capital on the new loan.
“We consider this a massive milestone,” Moises Agami, CEO of Valor Capital, told the St. Pete Catalyst.
Valor hired Chicago-based JLL to locate financing and several options were brought 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 visited Clearwater often with his family growing up.
“I used to be surprised that every day of the week there would be cars parked on this property and people would just sit in their cars and watch the sunset. The sunsets there are incredible,” Agami said about why he gravitated toward this specific property.
“Every building we develop has a character and personality of its own. The Serena is a representation of a woman with a relaxed and luxurious lifestyle.”
The beach-chic condominium includes condos with two- and three-bedroom plus den floor plans that range from 1,400 to 2,574 square feet, and sky penthouses that are as large as 4,821 square feet. Individual unit prices start at $839,000 and go up to $2.9 million. To date, 56 units out of the 80 units are under contract.
“There is so much interest in this property that we have sold units online and many of the buyers are from outside of Florida and don’t know about Dunedin,” Agami said. He also credits the outside interest to those who saw how the state never stopped conducting business through the Covid-19 pandemic.
The group also has a physical sales gallery at 400 Cleveland Street in downtown Clearwater.
Construction for Serena by the Sea is expected to take place this year and will take roughly two years to complete.
An economic study showed the project would create about 1,300 jobs in construction and maintenance, as well as generate $200 million of economic impact in the community.
In developing the plans for the condo project, Agami and his team took into consideration safety measures as a result of the Covid-19 pandemic. Those measures include having air purification systems and UV lights to kill bacteria.
Serena by the Sea is the company’s second local project, following SkyView, a 36-unit condo building at 412 Cleveland St. in downtown Clearwater. Actor Tom Cruise is reported to own a penthouse at SkyView, according to Robb Report.
