The Real Deal Miami

Riverfront Fort Lauderdale project lands $53M loan

The Related Group developed the 249-unit apartment tower last year
July 10, 2015 11:15AM

New River Yacht Club and Brad Williamson of Berkadia

New River Yacht Club and Brad Williamson of Berkadia

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