Riverfront Fort Lauderdale project lands $53M loan

Miami /
Jul.July 10, 2015 11:15 AM

New River Yacht Club received $52.6 million in financing, The Real Deal has learned.

The 249-unit luxury apartment building at 400 Southwest First Avenue in Fort Lauderdale was developed by the Related Group last year. Berkadia, a joint venture between Berkshire Hathaway and Leucadia National Corporation, arranged the loan, according to a press release.

New River Yacht Club, which is along the New River, includes studio, one, two and three-bedroom apartments. Amenities include a covered pool deck pavilion, gym, game room, clubroom and business conference room.

Berkadia’s Mitch Sinberg, Brad Williamson and Matthew Robbins secured the 10-year, fixed-rate financing through the firm’s Fannie Mae Program. The loan will be used to pay off the construction loan and return equity to the borrower.

“Given the sponsor’s strong reputation, the institutional quality of the asset and Berkadia’s strong relationship with Fannie Mae, we were able to return a significant amount of capital to the borrower while locking in a sub-four percent, 10-year, fixed rate loan with a five year interest-only component,” Sinberg said in a statement. — Katherine Kallergis


Related Articles

arrow_forward_ios
1600 Ponce De Leon Drive, Fort Lauderdale (Google Maps)
Tech company founder sells waterfront Fort Lauderdale mansion for $17M
Tech company founder sells waterfront Fort Lauderdale mansion for $17M
Chad Johnson and 1300 Brickell Drive, Fort Lauderdale (Lady Jane's)
Barbershop founder drops $7M on waterfront mansion in Fort Lauderdale
Barbershop founder drops $7M on waterfront mansion in Fort Lauderdale
John Rosatti and 315 Royal Plaza Drive, Fort Lauderdale (Google Maps)
BurgerFi founder sells waterfront Fort Lauderdale mansion for $7M
BurgerFi founder sells waterfront Fort Lauderdale mansion for $7M
From left: David Martin, Aby Rosen, Jorge Perez, Barry Sternlicht, Victor Ballestas and Russell Galbut (Getty)
Developers bet on long-term demand for Class A Miami Beach office space
Developers bet on long-term demand for Class A Miami Beach office space
Domio Wynwood, Gustavo Miculitzki, and Jon Paul Pérez (Credit: Alberto Tamargo/Getty Images)
Iconiq buys Related and Block Capital’s Wynwood apartments for $77M
Iconiq buys Related and Block Capital’s Wynwood apartments for $77M
Scottie Pippen and 2571 Del Lago Drive, Fort Lauderdale (Getty, Compass)
Scottie Pippen relists Fort Lauderdale estate for $12M
Scottie Pippen relists Fort Lauderdale estate for $12M
Jorge Pérez with One Park Grove (Getty, Robin Hill)
Related developer Jorge Pérez buys condo at one of his Miami projects
Related developer Jorge Pérez buys condo at one of his Miami projects
Clockwise from left: A rendering of Water Street Tampa, Ian Schrager, Jeff Vinik, Patrick Mahomes, rendering of Tampa Edition, Bill Gates and Tom Brady (Photos via Getty; Water Street Tampa/Photo Illustration by Kevin Rebong for The Real Deal)
Development boom in Super Bowl city: Tampa reaches for its real estate moment
Development boom in Super Bowl city: Tampa reaches for its real estate moment
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...