Elevate Partners Locks Down $92 Million In Financing For The Newly Completed Four West Las Olas Apartment Tower
Elevate Partners, led by Scott Bodenweber and Tom Vogel, have locked down $92 million in 3-year bridge financing with optional extension for Four West Las Olas. The loan was provided by the New York-based Benefit Street Partners Realty Trust, who provided $76 million of senior debt, and the West Palm Beach-based Electra Capital who provided $16 million in mezzanine financing.
Elevate Partners, led by Scott Bodenweber and Tom Vogel, have locked down $92 million in 3-year bridge financing with optional extension for Four West Las Olas. The loan was provided by the New York-based Benefit Street Partners Realty Trust, who provided $76 million of senior debt, and the West Palm Beach-based Electra Capital who provided $16 million in mezzanine financing. Four West Las Olas was roughly 60% leased at the time of refinancing. The loan was brokered by Denny St. Romain of Cushman & Wakefield with Dan McCawley of Greenberg Traurig representing the developer. The new loan replaces an $80 million construction loan provided by Trez Forman Capital in 2018.
Four West Las Olas was completed in Q1 2020 and rises 25-stories. The tower offers 260-units which range from 588 square feet studio layouts to 1,376 square feet 3 bedroom residences. Pricing ranges from $1,724 /mo. to over $7,000 /mo. Four West Las Olas also features 12,000 square feet of retail and 407 parking spaces. Amenities include a rooftop pool, sky club room, fitness center, speakeasy style piano lounge, demonstration kitchen, residents’ lounge, coffee bar and business center.
Mast Capital and BH Group have announced Raffles Residences Coconut Grove, the brand’s first standalone residential development, with 35 homes from $4.5 million and architecture by Brandon Haw.