A company tied to Dev Motwani has closed on a $20 million mortgage for the Las Olas Riverfront, according to Broward County records.
The 3.7 acre property, at 300 Southwest First Avenue in downtown Fort Lauderdale, opened in 1998. The limited partnership paid $16.7 million for the Mediterranean-style development in 2011, according to Broward County property records.
Motwani, in a previous interview with The Real Deal, said the riverwalk kick-started development in the area, but was shut down for redevelopment toward the end of the last cycle. In June, he said his family’s company, Merrimac Ventures, was talking to a number of joint venture development partners, and looking to turn into into a “large scale mixed-use project with residences, hotel, retail and possibly office.”
Las Olas Riverfront LP landed the loan, with the option to increase it to $40 million. Florida Community Bank is the lender.
“Following the recent approval of our Pompano Beach condo project and as we move forward with plans for a large mixed-use redevelopment of Las Olas Riverfront in Fort Lauderdale, we decided to proactively recapitalize both properties,” Motwani said in a statement to TRD. “This capital will assist with our pre-development costs as we continue through the development and sales process.”