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
Glenn C. Rice and 2700 Aqua Vista Boulevard, Fort Lauderdale (Linkedin, Google Maps)
Pharma exec sells Fort Lauderdale waterfront mansion for nearly $13M
Pharma exec sells Fort Lauderdale waterfront mansion for nearly $13M
(iStock)
South Florida resi sales jump in Q4: Elliman
South Florida resi sales jump in Q4: Elliman
Jorge Perez and Jon Paul Perez with Terminal Island (Getty, iStock)
Related gets height increase needed for Terminal Island office project in Miami Beach
Related gets height increase needed for Terminal Island office project in Miami Beach
Nautical Ventures Marine CEO Roger Moore and Holman Automotive CEO Brian Bates with 1400 South Federal Highway (Google Maps)
Holman sells former Fort Lauderdale BMW dealership for $6M
Holman sells former Fort Lauderdale BMW dealership for $6M
Rendering of the Dorsey with Alex Karakhanian, Jon Paul Perez and Tricera’s Scott Sherman and Ben Mandel (iStock)
Related scores $88M construction loan for Dorsey project in Wynwood
Related scores $88M construction loan for Dorsey project in Wynwood
David Cassidy and 1600 South Ocean Drive in Fort Lauderdale (Getty)
David Cassidy’s former Fort Lauderdale home sells
David Cassidy’s former Fort Lauderdale home sells
 Jeff Blau and One Ocean (Getty)
Related Cos. CEO Jeff Blau sells Miami Beach condo
Related Cos. CEO Jeff Blau sells Miami Beach condo
ICM CEO Bruce Timm and HS Capital Fund CEO Harry Spitzer with 1901 West Cypress Creek Road, Fort Lauderdale (Google Maps)
HS Capital buys Fort Lauderdale office building for $18M
HS Capital buys Fort Lauderdale office building for $18M
arrow_forward_ios

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

Loading...