CYMBAL DLT Companies Locks Down $95 Million Loan For Newly Built Oasis Pointe Residences In Dania Beach

Miami-based real estate development and construction firm Cymbal DLT Companies has secured a $95 million loan from Kookmin Bank and Related Fund Management for Oasis Pointe Residences, a multifamily complex in Dania Beach that they recently developed and will now continue to be part of the Cymbal DLT Collection of communities in South Florida.

Within 29 months of groundbreaking, Cymbal DLT paid off its $60.3 million construction loan to 3650 REIT and distributed to their equity investors over a 130% return, a return that will continue to grow with ongoing cash flow. The loan will allow Cymbal DLT and their investors to keep the newly built 301-unit community as part of their growing multifamily portfolio. Cymbal DLT has a development and construction pipeline of over $2 billion in South Florida.

“We are grateful to our investors and lenders for the confidence that they have placed in us,” said Asi Cymbal, Chairman of Cymbal DLT. “We are proud of the fact that we have rewarded our investors with unmatched returns and have always paid our lenders in full.”

“Cymbal DLT’s focus on best in class has allowed us to mitigate risk and thrive during these turbulent times,” added Hector Torres, CEO of Cymbal DLT.

Patrick Martin from Related, Will (Woosuk) Cha from Kookmin Bank, and Asi Cymbal, Hector Torres, Jacob Nunez, and Jake Fleischer from Cymbal DLT worked to close this deal. Cymbal DLT’s private financier Christian Uriarte and Gautham Atreya of Cymbal DLT brokered the loan. John Hotte of Krinzman Huss Lubetsky Feldman & Hotte was legal counsel for Cymbal DLT.

The 2.4-acre waterfront complex opened 8 months ago and is 97% leased. It serves as the area’s first waterfront apartment building with 301 units, thoughtfully designed details, and exceptional indoor and outdoor amenities to create fresh-air havens of relaxation and retreat. The living spaces of the building feature a mix of studios, one, two, and three-bedroom luxury apartments with open floor plans and modern features.

The residential design of the luxury indoor and outdoor living spaces respond to the timely demands for better natural ventilation, lighting, and fresh air quality while the amenities seek to enhance the mental and physical well-being of residents.

Inspired by the surrounding water and nature, key amenities and features of the eight-story building include: a meditation garden; a waterfront boardwalk with a 19-slip marina; a Zoom lounge with private office suites and workstations; an outdoor lap pool; a fire pit with outdoor BBQ and picnic areas; state-of-the-art, open-air fitness facility and yoga studio; an indoor lounge and game room; and a dog park.

Located at 150 South Bryan Road in Dania Beach with easy access to I-95 and I-595, Oasis Pointe is in close proximity to the Fort Lauderdale-Hollywood International Airport, Port Everglades Cruise Port and the corporate headquarters of Spirit Airlines and Chewy. It is adjacent to Dania Pointe, a mixed-use development that features premier shopping and dining options, commercial spaces, and a dual-branded hotel.

Royal Palm Companies Locks Down $76.5 Million Construction Loan For Elevate Apartments In Dania Beach

Dan Kodsi’s Royal Palm Companies has locked down a $76.5 million construction loan for Elevate Apartments in Dania Beach. The 36-month financing was provided by the Miami-based 3650 REIT and replaced a previous $64 construction loan. The multifamily project, which is located at 600 East Dania Beach Blvd., is roughly halfway complete and is expected to be completed in November 2023. The financing was arranged by Kevin O’Grady of Concord Summit Capital.

Elevate Apartments was designed by NMD Nomadas and will feature 298 units which will range from studio to 3-bedroom floor plans. The building will also feature a full suite of amenities including a fitness center, business center and pool deck.

Royal Palm Companies is led by Dan Kodsi who has played an integral part of the development of Downtown Miami having delivered PARAMOUNT Miami Worldcenter and PARAMOUNT Bay, amongst other buildings, and is currently developing the sold-out Legacy Hotel & Residences Miami Worldcenter.

Cymbal Development Tops Off Oasis Pointe Residences In Dania Beach 6 Months After Breaking Ground

Cymbal Development and DLT Global have topped off Oasis Pointe Residences in Dania Beach, just 6 months after breaking ground on the project. Plaza Construction is the general contractor on the multi-unit waterfront apartment complex which set to open Spring 2022. Oasis Pointe Residences is part of Cymbal Development's $1 billion+ development pipeline slated for Broward County.

Cymbal Development, led by Asi Cymbal, and DLT Global, led by Hector Torres, were joined by elected officials and public servants including Broward County’s Vice Mayor Michael Udine, Dania Beach Mayor Tamara James, Vice Mayor Marco Salvino, Dania Beach City Commissioner Joyce Davis, former Mayor Bobbie Grace, former Commissioner Bill Harris, Development Director Eleanor Norena, Special Permitting Coordinator Tammie James, and the Executive Director at Dania Beach Community Redevelopment Agency Michael Chen.

To mark the occasion, the final piece of the structure was hoisted into place atop the highest point of the building accompanied by a small money tree from the property as confetti cannons were launched and a giant American flag waved in the background. After the ceremony, the tree was brought down safely to be replanted in the meditation garden at Oasis Pointe Residences.

A 2.4-acre waterfront complex, Oasis Pointe Residences will serve as the area’s first waterfront apartment building with 301 units, thoughtfully designed details, and exceptional indoor and outdoor amenities to create fresh-air havens of relaxation and retreat in a post COVID-19 world. The living spaces of the building will feature a mix of studios, one, two, and three-bedroom luxury apartments with open floor plans and modern features.

The residential design of the luxury indoor and outdoor living spaces responds to the timely demands for better natural ventilation, lighting, and fresh air quality while the amenities seek to enhance the mental and physical well-being of residents.

Inspired by the surrounding water and nature, key amenities and features of the eight-story building will include: butterfly and meditation gardens; a boat club; a waterfront boardwalk with a 19-slip marina; a Zoom lounge with private office suites and workstations; an outdoor lap pool; a fire pit with outdoor BBQ and picnic areas; a state-of-the-art, open-air fitness facility and yoga studio; an indoor lounge and game room; a dog park; and air purification, sterilization, and ionization systems that are 99% effective against COVID-19.

“We are grateful for this opportunity to build an amazing project in Dania Beach, on the water, and adjacent to the myriad of dining, shopping, and entertainment options of Dania Pointe. We are here to make a significant and positive impact on the community and on this great city. We love Broward County and are looking forward to completing our $1 billion development pipeline in Broward County!” said Asi Cymbal.

Located at 150 South Bryan Road in Dania Beach with easy access to I-95 and I-595, Oasis Pointe will be in close proximity to the Fort Lauderdale-Hollywood International Airport, Port Everglades Cruise Port and the corporate headquarters of Spirit Airlines and Chewy. It is adjacent to Dania Pointe, a new mixed-use development that features premier shopping and dining options, commercial spaces, and a dual-branded hotel.

The Estate Companies, Merrimac Ventures And Tricera Capital Secure $56 Million Construction Loan For Soleste Cityline Apartments

The Estate Companies, Merrimac Ventures and Tricera Capital have secured a $56 million construction loan for Soleste Cityline, a multifamily development planned in Dania Beach. The loan was provided by Synovus Bank and the development partnership plans to break ground by the end of Q1 2021. The 2.2-acre site was acquired in September 2020 for $8 million. The Estate Companies is a subsidiary of Estate Investments Group (EIG), Merrimac Ventures is led by Dev Motwani and Tricera Capital is led by Scott Sherman.

Soleste Cityline was designed by Caymares Martin. The development will be located at 4 N Federal Highway and will rise 8 stories featuring 340 apartments with 12,800 square feet of retail. Units will range from roughly 600 square foot studios to 1,200 square foot three-bedroom floor plans. Amenities will include a pool deck with grilling stations, fitness center, community room and private event space. Upon expected completion in 2023 the retail portion will be owned by Merrimac Ventures and Tricera Capital, both firms have been very active developing and acquiring retail properties in South Florida.

Plans for Waves Dania Beach Mixed-Use Project Approved by City Commission

Waves Dania Beach, two tower mixed-use project, has announced that its site plans were passed by the Dania Beach City Commission on Tuesday, January 12, 2020. The approval paves the way for the developer to move forward with planning the two tower development located at 90 N Bryan Road along the waterway. Waves Dania Beach is being developed by Dania Beach Marina Corp. and RJ Marina Holdings and is designed by architectural firm Nichols Brosch Wurst Wolfe. The project is represented by Renee Marie Smith, Esq. of Smith/Barbara. The development site, 90 N Bryan Road, currently houses the Dania Beach Offshore Marina, South Florida’s premier full-service marina and Paradise Tiki of Dania Beach, a family-friendly Hawaiian and Caribbean-influenced restaurant and tiki bar.  

“We are incredibly excited about bringing Waves to Dania Beach. Our team is proud to have been part of the Dania Beach community for over a decade and to have witnessed the community’s incredible growth,” said Renee Marie Smith, Esq. of Smith/Barbara. “Dania Beach is a city on the rise and we’re looking forward to continuing that growth and bringing Waves to the waterfront area.”  

Waves Dania Beach will feature two towers, one tower at 90 Wave and one tower at 70 Wave. Each tower will rise fifteen stories and feature both multifamily residential and commercial units. Each tower spans 651,388 square feet and will feature 380 residential units as well as 19,700 square feet of ground floor commercial space. The residential units range in size from studio to three bedroom residences and the project also offers a unique live/work unit option of office space for residents working remotely. Each tower will also feature two floors of parking for residents and visitors for a combined total of nearly 1,400 spots and the towers will be joined by a ground floor breezeway. Upon completion, the project will offer a blend of dining, shopping and entertainment options in an upscale environment and scenic waterfront experience. 

The project is designed by renowned architectural firm Nichols Brosch Wurst Wolfe (NBWW) architects. NBWW is a world renowned firm internationally recognized in the planning and architectural design of mixed-use centers and world-class hotels and resorts and high-end residential, commercial and retail. NBWW’s project experience includes resort and urban hotels, condo hotels, office buildings, high-rise residential, retail facilities and mixed-use developments. 

The 5.8-acre development site for Waves Dania Beach is nestled along the Dania Beach waterway and offers convenient access to the Intracoastal, Fort Lauderdale-Hollywood International Airport and the Atlantic Ocean. The development is also just steps from Dania Pointe, a bustling hub of shops, restaurants and apartments. The passage of Waves Dania Beach marks an important step in the continuing development of the city’s residential and commercial scenes and in addition to Dania Pointe, Dania Beach is home to several other major corporations including Spirit Airlines future headquarters and pet superstore Chewy. 

Avison Young Lists Portfolio of Five South Florida Development Sites For $80 Million

Avison Young’s Florida Capital Markets Group has been exclusively selected to sell five South Florida development sites totaling ±13.5 acres, representing potential for nearly 1,000 new multifamily units. The listings can be packaged together as a portfolio for $80 million combined and underscore increased investor confidence as Florida sees an uptick in new out-of-state buyers.

The investment opportunities include 3550 Biscayne, a Fort Lauderdale Beach development site, an Oakland Park development site on Fort Lauderdale’s main retail corridor, a Dania Beach development site and a Miami Gardens development site near the Palmetto Expressway. Michael T. Fay will lead the sales of the development sites along with Avison Young Principals David Duckworth; John K. Crotty, CCIM; Vice President Brian C. de la Fé; and Associates Emily Brais and Berkley Bloodworth. 

“We’ve seen continued interest in investments, particularly in land,” said Fay, Principal and Managing Director of Avison Young’s Miami operations. “It’s easier today to assess risk for land which better positions the future developments of those types of deals.”

“The increasing number of New Yorkers and residents from other large cities migrating to Florida due to effects of the pandemic is one major factor contributing to the investment interest we’re seeing,” added Fay.

3550 Biscayne is a 1.62-acre mixed-use development assemblage encompassing two bocks at the intersection of Biscayne Boulevard and N.E. 36th Street. The property, located at 3550 Biscayne Blvd. in Miami, Florida, rests on the edge of Miami’s Edgewater, Midtown, and Design District neighborhoods. An investor could construct an iconic 60-story tower with multiple uses, including up to 392 residential units.

The Palmetto Expressway development site is a 1.32-acre development site at 3700 N.W. 167th St. in Miami Gardens, Florida. The property could potentially host an impressive 10-story structure with up to 132 multifamily units, office, and retail components. 

The Fort Lauderdale Beach development site is a 1.25-acre development site at 2908 E. Sunrise Blvd. on Fort Lauderdale Beach, steps from the Atlantic Ocean. The site has potential for a 12-story mixed use project consisting of retail, multifamily, and hotel uses. 

The Oakland Park property a 2.11-acre site plan approved for a project known as O2, a mixed-use development located within Fort Lauderdale’s premier retail corridor at 3411 N. Federal Highway in Oakland Park, Florida. The property is approved for 165 residential units with world-class amenities, 31,705 square feet of ground-floor retail and a parking garage. 

The Dania Beach development site is a 7.2-acre site plan approved for a six-story, 275-unit apartment complex. The property at 4200 S.W. 54th Court in Dania Beach, Florida, is walking distance from the Seminole Hard Rock Casino and Hotel. The offering presents the opportunity to develop rental apartments and capitalize on the imbalance of high demand and lack of supply within the area. 

The five development sites come to market on the heels of another recently launched South Florida listing: Le Jeune Station, a 2.79-acre site priced at $16.5 million near Miami International Airport and Coral Gables.

For more information about the portfolio or any of the sites, private showings or purchasing/ leasing information please fill out the form below:

Take A Look Inside Aviation Resource Group's New KoDA-Designed Headquarters in Dania Beach, Florida

KoDA (Kean Office for Design and Architecture) is a Miami Beach-based practice designing with ambition for its clients and optimism for the world. KoDA architects and designers are experts in connecting architecture with nature and finding radical solutions to sea-level rise and other environmental concerns. Led by Principal and Founder Wesley Kean, the award-winning KoDA uses analysis and research to inform the design of highly distinctive buildings, landscapes, interiors and experiences. KoDa is bringing nature into the workplace for the design of the new headquarters for Aviation Resource Group, a company that provides a unique portfolio of aviation services. Located in Dania Beach, KoDA’s design breaks from corporate tradition and creates a space that promotes productivity, collaboration and well-being.

“Research shows that incorporating nature within workplace design improves employee productivity, health, and well-being. Aviation Resource Group’s new office building reexamines the importance of enjoying time spent in the workplace,” said KoDA Principal and Founder, Wesley Kean.

“KoDA took the time to understand our business and our needs, and that is completely reflected in the design they have created for our new space,” said Aviation Resource Group Founder and CEO, Milan Rakic. “We immediately fell in love with the way the indoors and outdoors blend together, and we’re excited to see our office come to life.”

The design of the 3,300 SF building connects and enhances the abundance of existing sub-tropical landscape. A combination of Gumbo Limbo trees and century-old Oaks contrast the building’s rigid, steel structure. Contained within two horizontal planes, KoDA designed various functions of the space around a central courtyard, which allow for maximum daylight, transparency, and visual connectivity throughout. The building’s outdoor spaces are activated through a combination of private and public functions including an entry plaza for special events and sequestered gardens, which serve as break-out areas for a collaborative work environment. KoDA enclosed the building’s private offices within darkened wood-clad volumes, while the public areas like the kitchen and reception are defined by expansive glass walls. The design also features screens made of re-purposed helicopter rotor blades that divide the open workspaces.

“Green elements were incorporated from the inside out to truly create a sustainable building that serves staff and the environment,” added Kean. “The result will be a building that exemplifies what celebrating nature in design means for both well-being and productivity in the workplace.”

Article by Stephanie Warren