Fort Lauderdale development scores $59M loan

A rendering of 215 Southeast Eighth Avenue, (credit www.insidefortlauderdale.com)
A rendering of 215 Southeast Eighth Avenue, (credit www.insidefortlauderdale.com)

Rockefeller Group and Stiles Corp. scored a $59 million construction loan for a 30-story residential tower near Fort Lauderdale’s Las Olas Boulevard.

The mortgage, issued by Wells Fargo Bank, will fund construction on the 1.25-acre site at 215 Southeast Eighth Avenue, formerly the site of the French Quarter, according to the South Florida Business Journal.

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The developers recently broke ground on the 254 units plus a parking garage, but haven’t announced whether it will be a rental or a condo.

Units will range from one bedroom and 750 square feet to three bedrooms and 2,450 square feet. Amenities will include an elevated pool deck and fitness center. [South Florida Business Journal]Christopher Cameron