Pulso Capital Acquires Stellar At Palm Aire Build-For-Rent Townhome Community For $21.5 Million

Pulso Capital has acquired Stellar at Palm Aire, a new build-for-rent community consisting of 39 townhomes located in the center of the Palm Aire Country Club in Pompano Beach, Fl., for $21.5 million, or $551,282 per unit. The sale and financing were overseen by Berkadia. Senior Managing Directors Roberto Pesant and Jaret Turkell, along with Director Yoav Yuhjtman, Associate Director Omar Morales and Senior Analyst Jose Mota of Berkadia Miami, marketed the property on behalf of Stellar Communities.

Senior Managing Director Mitch Sinberg, along with Managing Directors Matt Robbins, Scott Wadler and Brad Williamson, and Senior Analyst Michael Basinski of Berkadia Miami arranged the debt on behalf of the buyer. Steeprock provided the $14 million, fixed-rate, five-year loan at a 65% LTV, with full term interest only.

“In a region where for-sale housing has seen prices increase by up to 50% in some cases, Stellar at Palm Aire provides residents with a spacious, new-construction high-end property with private outdoor areas and luxurious finishes at a rent that is attainable,” said Pesant.

“We have a strong belief in the dynamics of the South Florida Market and are actively looking for the right opportunities for our group,” said Maor Benami, co-founder of Pulso Capital Group. “This unique, Class A Built-for-Rent product, coupled with our management capabilities, makes Stellar at Palm Aire a perfect fit for us as we continue to grow our portfolio.”

Effective rent in South Florida rose 25.2% year over year, according to Berkadia Research – driven by an influx of new residents and corporate migrations over the last 12 months.

Located halfway between Fort Lauderdale and Boca Raton in a suburban setting west of I-95, Stellar at Palm Aire is the first new construction in the Palm Aire Golf Course community in over 10 years. There are two-bedroom (1,475 square feet), three-bedroom (1,744) and four-bedroom floor plans (1,825 to 1,961) with rents ranging from $3550 a month to $4,350. Townhomes have attached garages. Its location in a peaceful community, surrounded by greenery, golf course views, walking, running & biking trails allows residents to enjoy the calm of suburban living while in close proximity to two of Florida’s main employment hubs. It is just 10 minutes from I-95, five minutes from the Florida Turnpike, and 15-20 minutes from both Downtown Fort Lauderdale and downtown Boca Raton.

Established in 2009, Stellar Communities is a full- service real estate development company with a progressive focus on eco-construction initiatives for residential communities. Since its inception, Stellar has helped over 2,500 families move into the next stage of their lives with a new home. With a deep-rooted commitment to quality and value, Stellar Communities builds inspiring homes and communities with unmatched efficiencies in some of the most highly sought-after coastal, urban, and suburban locations across South Florida.

Established in 2019, Pulso Capital Group, founded by Maor Benami and Salomon Kamkhaji, aims to improve lives while unleashing the total value of assets through conservative underwriting, appropriate financing arrangements, on-time constructions, and diligent property and asset management. The firm is actively focused on increasing its portfolio with value-add to Class A Built-for-Rent multifamily properties.

Neology Life Development Group Locks Down $57.5 Million Construction Loan For 'Fourteen Residences Allapattah'

Lissette Calderon’s Neology Life Development Group has locked down $57.5 million in construction financing for Fourteen Residences Allapattah, a two tower, 237-unit apartment community located in Miami, Florida. Senior Managing Director Charles Foschini, Managing Director Chris Apone and Senior Analyst Shannon Wilson of Berkadia Miami secured the financing on behalf of Neology Life Development Group, a lifestyle-driven residential and commercial real estate firm led by Lissette Calderon. The property is located in a Qualified Opportunity Zone in the historic Allapattah section of downtown Miami.

Churchill Real Estate’s direct originations platform, led by Jeff Rosenfeld and Sean Robertson, originated the 24-month loan with two extension options.

“Our client Neology continues to dominate the Allapattah skyline with an innovative team and projects whose ‘attainable luxury’ concept serves the needs of the community and integrates nicely within it,” said Foschini. “While the market continues to be extremely volatile, the lender recognized the strength of the sponsor, Neology’s track record in Allapattah, where this is its third project, and Lissette Calderon’s personal vision for the evolution of the Allapattah community.”

“This deal further solidifies Churchill’s commitment to support the development of workforce housing in Miami,” added Robertson, Churchill’s Director and Co-Head of Originations. “We are thrilled to execute this deal with Neology amid unstable market conditions.”

“Churchill continues to build on, and augment, its presence in the greater South Florida market,” added Rosenfeld, also Director and Co-Head of Originations at Churchill. “Despite macro headwinds, South Florida continues to benefit from favorable factors that give us the confidence to double down in this market.”

Located at 1470 NW 36th Street, Fourteen Allapattah Residences will consist of a 14-story building with 180 apartment units connected via a pool deck to a five-story building with 57 apartments including ground floor walk ups. It will offer studio, one- and two-bedroom units ranging 450 to 900 square feet. Apartments will feature European-inspired cabinetry, quartz countertops, energy efficient kitchen appliances, in-unit washer and dryer, energy efficient AC and heating systems, and smart home technology adaptors. Lifestyle amenities will include curated original artwork, a multipurpose lobby, media lounges and living rooms, a rooftop pool and clubhouse, poolside cabanas, coworking spaces, conference rooms, outdoor movie screen, an indoor and outdoor fitness and wellness center, with a yoga and cardio studio, dog park with dog wash area, bike storage, virtual concierge and smart package lockers, and a parking garage with electric car charging stations as well as a ride share lobby.

The property, which will open in early 2024, enjoys a highly visible location on NW 36th Street just 5 minutes west of Wynwood and 10 minutes east of the Miami International Airport, close to the health district, which is the country’s largest concentration of medical and research facilities after Houston. It is just a short walk from the Allapattah Miami Metrorail Station, the Rubell Museum, and SuperBlue.

Neology’s portfolio now consists of more than 1,500 apartment units completed or under construction in Miami’s urban core, including The Julia, an upscale apartment community that will open in 2023, and Neology’s flagship Allapattah project, No. 17 Residences Allapattah, which opened in 2021 and leased up in record time.

Lynd Living Locks Down $22.75 Million In Financing For Miami Worldcenter Site Acquisition

Lynd Living has acquired Block 23 at Miami Worldcenter for $30 million, financed by a $22.75 million acquisition land loan. Block 23 is located between NW 9th and NW 10th Street on North Miami Avenue and is one of the last remaining land sites within Miami Worldcenter, the 2nd largest master planned community in the country, behind New York City’s Hudson Yards. The transaction closed on August 26th.

Concord Summit’s Managing Director Kevin O’Grady and Director Justin Neelis represented Lynd on the senior acquisition land loan and represent Lynd as the exclusive advisors to place construction financing for a mixed-used project. Concord Summit was also the sales broker for the land sale. Concord Summit’s next step is to secure the construction financing for the project for Lynd. Miami Worldcenter is no stranger to Concord Summit Capital, who had also arranged the construction financing and equity for Paramount Miami Worldcenter for Encore Capital.

“David Lynd is a visionary and an incredible developer who I’m confident will bring a whole new level of residential living to Miami Worldcenter that the market has not seen before,” O’Grady said.

Miami Worldcenter is a $4 billion, 27-acre mixed-use development transforming the heart of Downtown Miami. Several phases of the project have already been completed, including three residential towers – PARAMOUNT Miami Worldcenter, Caoba, and Bezel Miami – and approximately 175,000 square feet of retail space. Coming up, a 351-room citizenM hotel is expected to open at Miami Worldcenter by the end of the year, along with another 125,000 square feet of retail space. Additionally, construction is underway at the 52-story Miami World Towers, which will comprise 550 apartment units; at Legacy Hotel & Residences, a 50-story mixed-use tower with 310 branded residences atop a hotel and 50,000 square feet of medical office space; and at the second phase of Caoba, which will encompass an adjacent 40-story tower with 420 apartments.

Planned developments include The Crosby, a 450-unit turn-key condominium by Related Group and Merrimac Ventures; a pair of “supertall” residential towers by New York-based Naftali Group; and a three-tower mixed-use project by The Witkoff Group, which will include up to 2,000 residential units as well as 550,000 square feet of office space and another 50,000 square feet of retail.

Complementing Miami Worldcenter’s open-air retail will be World Square, a 20,000-square-foot public plaza and park. Designed as a central gathering place and outdoor event space, World Square will serve as the heartbeat of the development featuring an abundance of shade trees, works of art by local and international artists, and oversized, pedestrian-friendly sidewalks lined with dining, entertainment, and retail concepts.

Redevelopment Of Hollywood's Bread Building Site Secures $83 million Construction Loan

In partnership with Bridge Investment Group, Fort Lauderdale-based BTI Partners has secured an $83 million construction loan for a development in downtown Hollywood. The site was home to the long-neglected Hollywood Bread Building on Young Circle. The building was demolished last year. Canadian Imperial Bank of Commerce is the lender. Cushman & Wakefield Equity, Debt & Structured Finance team brokered the transaction, which closed on Friday, Aug. 19th.

BTI Partners and equity partner Bridge will build 362 market-rate apartments and about 16,000 square feet of retail space on Young Circle. Located at 1727-1745 Van Buren St.,1700-1716 Harrison St., and 1740-1760 S. Young Circle, the redevelopment of the site is an important step in the revitalization of the west end of Downtown Hollywood anchored by the 10-acre ArtsPark at Young Circle.

“The new Hollywood Bread Building development will continue to inject new life into Downtown Hollywood and is an important milestone to the future redevelopment of a new and revitalized Young Circle,” said Noah Breakstone, CEO of BTI Partners. “Overlooking ArtsPark, easy access to amazing beaches, and close proximity to South Florida’s largest employment hubs, the new mixed-use development will be a tremendous asset for the city and residents looking to live, work and play in Hollywood’s east urban core.”

BTI Partners, a leading developer of master-planned communities and residential properties across Florida, and Bridge Investment Group, a real estate investment manager headquartered in Salt Lake City, Utah, with over $42 billion in assets under management throughout the country, acquired the site for $11 million in June 2021.

“Bridge is excited to bring a development of this quality to Young Circle for Hollywood residents to enjoy,” said David Coelho, Chief Investment Officer of Bridge Development and Opportunity Zones. “We are grateful for all of the support we received from residents, community leaders, and elected officials. We look forward to continuing construction and turning our vision into reality.”

This project is part of BTI Partners’ and Bridge’s larger effort to continue to revitalize Downtown Hollywood. BTI Partners is also in the planning and approval stages of a second project to replace a rundown strip mall a few steps away from the Bread Building with twin modern towers on the east side of Young Circle. The second project will include residential living, shops, restaurants, office space and a skywalk connecting the two towers. Both projects together will represent a direct investment of over $500 million in Hollywood's Young Circle neighborhood.

Cushman & Wakefield Equity, Debt & Structured Finance team, including Steve Kohn, Chris Lentz and Chris Moyer, played a key role in identifying CIBC as the ideal capital source.

“We are pleased to have been involved in the financing of this game-changing development, which will help meet the demand for more housing opportunities in Hollywood as its strategic location continues to attract residents and businesses to the city,” said Kohn, whose team advised BTI Partners on arranging the joint venture with Bridge as well as on securing the construction loan.

Attorneys Luis Flores, Michael Denberg and Sophia Rub of Saul Ewing Arnstein & Lehr represented the developer in closing the transaction.

"We are proud to be part of a development team that is focused on bringing new life to downtown Hollywood, which has so much to offer," said Denberg, Managing Partner of Saul Ewing’s Fort Lauderdale office. "The new Hollywood Bread Building will bring pedestrian activity to the ArtsPark and to the many businesses on Young Circle eager to grow and thrive. This is the perfect urban location to create a highly-desired live, work, play and enjoy environment."

Dacra Secures $43.5 Million Loan To Refinance 4141 Office/ Retail Building In Miami Design District

Dacra has locked down a $43.5 million loan to refinance a 112,896-square-foot, mixed-use property located in the Miami Design District. Berkadia Managing Director Scott Wadler, Senior Director Matthew Nihan and Senior Analyst Michael Basinski of Berkadia Miami secured the financing on behalf of Dacra, the pioneer of the Miami Design District, owning well over one million square feet.

LMF provided the 10-year, fixed-rate loan, which provides Dacra with a permanent refinancing for the mixed-use asset. The property is located at 4141 N.E. 2nd Avenue and consists of a combination of office and retail tenants including B&B Italia, Design Within Reach, iHeart Media, and MC Kitchen.

“4141 N.E. 2nd Avenue is a stabilized asset in one of the most desirable, luxury retail districts in the entire U.S.,” said Wadler. “The property has been heavily re-tenanted in recent years to elevate value, as the Miami Design District has continued to drive rental rates with its evolution towards high end designer fashion and art.”

The Miami Design District is a one-of-a-kind neighborhood that combines luxury shopping, galleries, museums, design stores, restaurants and major art and design installations all within an architecturally significant context. The Miami Design District is owned and operated by Miami Design District Associates, a partnership between Dacra, founded and owned by visionary entrepreneur Craig Robins, and L Catterton Real Estate, a global real estate development and investment fund, specializing in creating luxury shopping destinations.

Forest Development Closes On $269 Million Construction Loan For Palm Beach County Condo

Forest Development has locked down a $269 million construction loan for Nautilus 220, a 330-unit luxury condominium project that is the first of its kind in Palm Beach County’s Town of Lake Park. Nautilus 220 will be 24-story twin condo towers on the water with a restaurant from renowned chef David Burke and many amenities in the once-overlooked town just across the Intracoastal Waterway from Singer Island. Nautilus 220 is already 60% pre-sold. Prices range from the $800,000s to more than $3 million.

The loan was arranged by Concord Summit Capital, LLC (“Concord Summit”) and provided by Fortress Investment Group to the Peter Baytarian-led Forest, which recently brought on Daniel Kodsi of Royal Palm Companies as a co-general partner in Nautilus 220. Concord Summit Director Justin Morrow and Managing Director Kevin O’Grady, both of Concord Summit’s Miami office, sourced the financing on behalf of the borrowers. Construction is underway, with an estimated completion in the second quarter of 2024. The project’s floating sales center is located on a barge in the Lake Park marina.

“This was an exciting transaction to work on, given the unique nature of this project,” Morrow said. “The borrowers are visionary developers who are bringing a resort-style waterfront living experience to Lake Park. Nautilus 220 truly has no counterpart in the market.”

“It has been a pleasure working with Concord Summit Capital over the past two years as they guided us through more than 13 financing opportunities for our Nautilus 220 mixed-use development in Lake Park,” said Baytarian, Managing Partner, Forest Development.” “The team saw the value of this project at the outset, and with their professional and invaluable expertise, as well as relationships in the industry, secured the perfect lender for us and this project.”

“We successfully leveraged our strong relationship with the team at Fortress to complete the transaction,” O’Grady said. “It was a pleasure to have the opportunity to work with them again. Nautilus 220 should continue to experience brisk sales activity, as the one-of-a-kind project fills a void for brand-new waterfront condos in northern Palm Beach County.”

Nautilus 220’s residences include a mix of one-to-four-bedroom condos ranging from 1,100 to 3,400 square feet, with a variety of floor plans offering unobstructed water views. Penthouses come with 2,000-square-foot private rooftop terraces, plunge pools, summer kitchens and 12-foot ceilings. The project includes a one-acre outdoor amenity deck and additional amenities including mini-bowling, billiards and card tables, a multipurpose soundproof studio for music and podcasts, golf simulator, theater lounge, club room and more.

The towers are being constructed alongside an active marina with 100 slips accommodating boats up to 100 feet. The development also has easy inlet access for water sport recreation from snorkeling and scuba diving to jet skiing, kayaking and paddle boarding.

Burke, the acclaimed restaurateur, selected Nautilus 220 as the location for his first Florida restaurant. The two-level, 7,500-square-foot waterfront restaurant with indoor and outdoor seating will feature modern American cuisine.

Kast Construction is the project’s general contractor. Interiors by Steven G. is the project’s interior designer.

Omega Real Estate Locks Down $100 Million Construction Loan For North Miami Multifamily

Omega Real Estate has locked down $100 million in construction financing to develop The Gardens Residence, a 358-unit mid-rise apartment community with 1,100 square feet of ground floor retail in North Miami, Fla. The financing was provided by Churchill Real Estate and was arranged by Berkadia. Located at 1155 Northeast 126th Street, just off the Biscayne Boulevard corridor at the gateway to Bay Harbor Islands and Bal Harbour, The Gardens Residence is the first phase of Omega’s plan to transform seven contiguous acres in North Miami into a live-work-play community called “The Gardens District.”

The project, which will break ground on July 11, was supported by the North Miami CRA which provided $15 million in subsidies. The project is expected to create an estimated 828 jobs, and 10 percent (38) of the units are set aside for families earning at or below 80 percent of area median income (AMI).

Senior Managing Director Charles Foschini, Managing Director Christopher Apone and Senior Analyst Robert Ludice of Berkadia Miami secured financing on behalf of Miami-based Omega Real Estate Management, a collection of seasoned real estate investors whose principals include Sebastien Scemla (CEO), Juan Carlos Lago (COO), Shawn Chemtov (Director of Finance), John Carlos Lago Jr. (CFO), and Anthony Hodes (Director of Risk).

Churchill Real Estate’s direct originations platform, led by Jeff Rosenfeld and Sean Robertson, provided the two-year, floating-rate loan, with two one-year extension options, interest only for the full loan term including extensions.

“The principals of Omega each have extensive experience as early investors in some of Miami’s most sought-after neighborhoods, and we came together as a result of a shared vision and belief that downtown North Miami represents Miami’s greatest future opportunity for growth,” said Omega’s CEO Sebastien Scemla. “Over the last several years, our team has quietly assembled several contiguous parcels of land in the heart of the neighborhood that will enable us to develop a true live-work-play community we’re calling ‘The Gardens District,’ anchored by this new Class A apartment community. We’re deeply grateful to the City of North Miami, including the Mayor, the Commissioners and the North Miami CRA for their ongoing support of our vision.”

“The Gardens Residences will offer the best Class A multifamily product in North Miami-Dade County, in a submarket that is currently underserved,” said Foschini. “The project will be a transformational anchor to North Miami and serve as a catalyst to the Garden’s community that will develop around it. The team’s extraordinary vision in creating The Gardens district will bring new life into one of Miami’s oldest communities.”

Added Jeff Rosenfeld, Co-Head of Originations at Churchill Real Estate, “This is precisely the kind of project Churchill is doubling down on in today’s capricious investment climate. The quality of the sponsorship team, coupled with the strength of the project, produced a compelling narrative, and we are excited to collaborate with Omega on this transformative development.”

Located on a four-acre site at 1155 Northeast 126th Street, The Gardens Residence will be a nine-story property offering studio, one-, two- and three-bedroom apartments averaging 511 square feet to 1,270 square feet. Individual apartments will feature stone countertops, luxury kitchen cabinetry, stainless steel appliances, floor-to-ceiling windows, SPC wood floors in the bedrooms and ceramic tile in the wet areas and living room spaces. Community amenities will include a ground-floor café with outdoor terrace seating and public sculpture art, a rooftop pool with rentable poolside cabanas, a gym, yoga studio, bike lockers and workshop stations, and structured parking with 528 stalls. As previously mentioned, 10 percent of units will be set aside for families earning at or below 80 percent of AMI.

Situated in North Miami, the proverbial “hole in the doughnut” in Miami-Dade County, The Gardens Residences is located halfway between downtown Miami and Aventura, and has immediate access to the beaches via 123rd Street, along with on-ramp access to I-95, 826 and the Florida Turnpike just four miles away. It is just three blocks away from a planned Brightline commuter rail on Northeast 123rd Street that will connect Miami with Fort Lauderdale, West Palm Beach and Orlando.

Recent zoning changes have made North Miami an incredibly attractive redevelopment area with attractive land basis. The property is close to Aventura Mall, the Florida International University Biscayne Bay Campus, Gulfstream Park, Oleta River State Park, the Jackson North Medical Center and Barry University. There are two Publix supermarkets and a Whole Foods within one mile of the property.

Omega also owns adjacent sites at 1075,1111 and1125 Northeast 125th Street that it will transform into a Class A, 28,000-square-foot office building called The Gardens Corporate Center, an 8,000-square-foot-office building called “The Creative Center”, and a new 12,000-square-F&B focused center called “The Hall” that will feature four restaurants and a gourmet grocery. The entire community, which spans seven acres, will be called The Gardens District.

Newgard Development Group Locks Down $170 Million Construction Loan For LOFTY Brickell Home-Sharing Tower

Newgard Development Group has locked down a $170 million loan from 3650 REIT for its newest residential property, LOFTY Brickell. The closing follows an impressive sales launch, with 80% of the tower’s inventory under contract and groundbreaking set to commence Q4. This is the second loan from 3650 REIT for LOFTY - the first being last fall tied to the land acquisition. Cervera Real Estate is the exclusive sales and marketing for the tower.

“LOFTY is the most elevated offering in short-term rental ownership,” says Developer Harvey Hernandez. “Coupled with its waterfront location and next-level amenities, we’ve assembled a dream team of collaborations with artists and designers for limited-edition experiences and lifestyles for global buyers.”

“3650’s strategy of financing well-located multifamily properties with sophisticated sponsors who employ highly targeted, value-add business plans at unique locations dovetails well with the LOFTY project,” says 3650 REIT Co-Founder and Managing Partner Jonathan Roth. “We believe that the property’s unique business plan to accommodate short-term rental ownership will make it a ‘change winner’ in the post-pandemic South Florida market as more residents seek flexibility and convenience in their living arrangements, and we expect to see sustained long-term demand for these types of units. LOFTY’s prime location adjacent to Brickell City Centre and walkability score of 100 will also provide residents with convenient proximity to best-in-class retail, dining, office and hotel options. It was a pleasure to work with the Newgard team once more, resulting in a smooth transaction despite a difficult market environment. We look forward to working with the Newgard team to execute this exciting opportunity which will transform the Miami skyline.”

LOFTY will deliver fully finished and furnished turn-key residences purposefully designed and licensed to be shared. The 44-story tower features studio, one- and two-bedroom units alongside 40,000 square feet of thoughtfully curated amenities, including a private marina, waterfront dining, members-only social club, resort pool deck and fitness center, indoor/outdoor cigar lounge, coworking lounge and meeting rooms. Interiors are designed by NY-based INC, architecture by Arquitectonica, and landscaping by Urban Robot Associates.

The tower features the first-ever NFT art collective designed for condo owners, integrating digital art into the DNA of the new residential building, while transferring ownership of a custom NFT to each unit owner. In addition to the art collective, which launched with renowned Miami-based artist Carlos Betancourt, a group of branded residences known as LOFTY PH Collection recently unveiled in partnership with Artefacto, a global furnishings brand, and INC, the multi-disciplinary NYC studio responsible for the project’s interiors.

For more information about LOFTY Brickell, private showings or purchasing/ leasing information please fill out the form below:

Two Roads Development Locks Down $150 Million In Funding From Lionheart Strategic Management and Bank OZK For Edgewater Condo Buyout

The South Florida-based Two Roads Development, led by Taylor Collins and Reid Boren, have locked down $150 million in funding for a waterfront condo buyout in Miami’s Edgewater neighborhood. Lionheart Strategic Management LLC (Lionheart), an SEC-registered investment advisor that was formed in 2017 as the asset management affiliate of Fisher Brothers, will be providing a $45 million mezzanine loan, backed by a $105 million senior mortgage loan from Bank OZK. The financing will be used to fund the acquisition of an existing condominium in the Edgewater neighborhood of Miami in preparation for the future development of an ultra-luxury branded residential development on the property.

"This closing signifies our bullish investment thesis in South Florida development and the Miami market in particular," said Andy Klein, Managing Director and Co-Head of Investments at Lionheart Strategic Management. "We are continuously seeking high-quality investment opportunities in growth markets, and this property's irreplaceable waterfront views and proximity to Brickell, Downtown Miami, Wynwood, the Design District and Miami Beach present an undeniably attractive value proposition for future redevelopment. We are excited to partner with Bank OZK and Two Roads Development on this endeavor and look forward to all this project will bring to the area."

As waterfront property and development sites become scarce due to high demand in the Miami market, developers have shifted their sight to buying out older condominium buildings to demolish and develop. Two Roads Development plans to redevelop the 3.5-acre waterfront site of Biscayne 21, an existing 191-unit condo building located at 2121 N. Bayshore Drive in the Edgewater neighborhood of downtown Miami, into an ultra-luxury branded residential development. The project will be designed by Arquitectonica.

"Over the last decade, Two Roads Development has helped put Miami's Edgewater district on the map as one of the City's most in-demand residential neighborhoods with successful luxury condominium developments including Biscayne Beach and Elysee. Plans for our newest development, which will feature a signature architectural design by Bernardo Fort-Brescia of Arquitectonica, include a mix of ultra-luxe condominiums and signature branded residences that will elevate Edgewater's global appeal as Miami's premier enclave for luxury high-rise living," said developer Taylor Collins, managing partner of Two Roads Development. "We are pleased to partner with Lionheart and Bank OZK on this exciting new development."

Andy Klein, Robert Kamenec, and Benjamin Eshiwani led the transaction for Lionheart Strategic Management. Avison Young’s Florida Capital Markets Group led by John K. Crotty, Michael T. Fay, David Duckworth and Brian C. de la Fé negotiated the sale on behalf the Biscayne 21 unit owners.

Aztec Group Delivers $102 Million In Construction Financing For 352 Unit RIVR Lofts In Fort Lauderdale

Aztec Group, Florida’s leading real estate investment and merchant banking firm for over 40 years, announces that Peter Mekras has arranged $102,000,000 in construction financing for RIVR (River) Lofts in Ft. Lauderdale, Florida.

RIVR Lofts features a desirable location in Fort Lauderdale’s Central Business District in the emerging Tarpon River Entertainment & Design District (TREDD) south of New River. RIVR Lofts is a to-be-built mixed-use, luxury, high-rise rental apartment community with 352 residential units. The project will span across 29 stories and feature a rooftop pool and amenities, 2,700 square feet of ground floor retail, onsite parking, and a resident lounge and bar on the ground floor. The Property is ideally located at the corner of SW 5th Street and SW 3rd Avenue within walking distance to Publix, Wells Coffee, and Tarpon River Brewing.

RIVR Lofts development team is led by Doron Broman of Moderno Development Group. Broman assembled the 1-acre site in 2018 and obtained entitlements for RIVR Lofts in 2021. Moderno engaged Aztec Group on an exclusive basis to structure a venture and source construction financing for the project. Moderno is no stranger to the market as it has assembled and repositioned several development properties in the area and continue to control several acres of land in the area for future vertical development. The construction loan was sourced from Square Mile Capital. The RIVR Lofts project team includes Moss Construction and Robert Mathias of NCC Development. The project is designed by Cube 3 Architecture.

“RIVR Lofts will serve as the residential heartbeat of TREDD and this funding continues our efforts to bring vertical development to the area,” says Doron Broman, Manager Partner of Moderno Development. “Moderno Development is at the center of Tarpon River’s revitalization. We started by converting industrial buildings to retail and now we are laying the foundation for a true residential experience with the construction of RIVR Lofts.”

“Sourcing a construction loan for a high-rise is never a simple task. Closing a loan of this magnitude in the current market environment is a testament to the merit of RIVR Lofts and the sponsorship, the lender, and our investment banking process” said Aztec Group’s Peter Mekras.