Paramount Fort Lauderdale scores $63.6M construction loan

80 percent of building's units have been sold so far

Jul.July 05, 2016 05:15 PM

Workers smoothing concrete on the project’s ninth floor, left, and a rendering of the finished Paramount Fort Lauderdale Beach, right

With construction halfway done for Paramount Fort Lauderdale Beach, the project’s developers just inked a $63.6 million financing deal to take them the rest of the way.

County records show developers Art Falcone, Nitin Motwani and Dan Kodsi took out the loan covering their beachfront development site at 701 North Fort Lauderdale Beach Boulevard from the Bank of the Ozarks, an Arkansas-based bank that’s actively funding many new South Florida developments.

Requests for comment to the developers were not immediately returned.

Construction of the 18-story tower began at the end of 2014 and has now passed the ninth floor, with a completion date set for spring 2017. The developers have sold roughly 80 percent of Paramount’s 95 units for more than $150 million, with prices for the remaining residences starting at $1.2 million.

Those remaining units range in size from 1,910 square feet to 3,474 square feet.

Amenities at the luxe building include an oceanfront pool with food and beverage service, summer kitchens with grills, a fitness center with massage and steam room, as well as concierge services and 24-hour valet service.

The development trio is also working on Miami Worldcenter, a massive mixed-use project in downtown Miami that broke ground late last year after undergoing a significant redesign.

Check out a video of construction progress at Paramount Fort Lauderdale Beach here.

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