Developers broke ground in August at Portofino, a 23-unit luxury town home complex next to Queen’s Harbour Yacht and Country Club. Five units have been sold. The first building will be finished in February.
John Faiella of Atlantic Coast Bank, which is providing the construction loan, said Portofino’s price point and near-beach location along Atlantic Boulevard made it an attractive deal.
Also, he said the developer, Urban Partners Construction, is a company with a proven track record that weathered the recession.
Homes are being marketed by Re/Max WaterMarke and will sell for $285,000 to $325,000 for 1,848 square feet to just over 2,000 square feet.