Related, partners close $132M construction loan for Auberge Fort Lauderdale

Miami /
Aug.August 23, 2016 05:25 PM

The developers of Auberge Beach Residences & Spa Fort Lauderdale closed on a $132 million construction loan, the Related Group told The Real Deal. 

Related, along with its development partners Fortune International Group, Fairwinds Group and a firm led by Carlos Mattos, obtained the financing from TPG Real Estate Finance, a nontraditional lender. Related has worked with the firm in the past on projects that include SLS Lux Brickell Hotel & Residences.

Buyers at Auberge include Dan Marino, Moss & Associates CEO Bob Moss, Related CEO Jorge Perez and Mattos, a Colombian businessman and Miami real estate investor. Mattos, Fortune and Fairwinds together are 50 percent partners on the project, and Related holds the remaining 50 percent, a spokesperson told TRD.

Related is among the biggest borrowers in South Florida real estate. So far this year, the developer closed more than $780 million in construction financing for projects like the Residences by Armani/Casa (along with Dezer Development) and GranParaiso.

The 171-unit Auberge Fort Lauderdale beachfront development will include two glass towers, a wine room, Auberge restaurant, and a spa. Nichols Brosch Wurst Wolfe & Associates and Meyer Davis Studio are handling Auberge’s design.

Related is delaying construction of Auberge’s sister development, Auberge Residences & Spa Miami, amid a slowing luxury condo market. While sales are ongoing for the Miami project, Related will likely push construction back to at least the end of 2018, sources told previously told TRD.

And Broward typically lags behind Miami in terms of sales. At Auberge in Fort Lauderdale, the north tower is more than 90 percent sold and the south tower is about 30 percent sold, according to the developer. Remaining units range from $1.4 million to $9.9 million. They will be completed between the fourth quarter of 2017 and the second quarter of 2018. Construction began in November.


Related Articles

arrow_forward_ios
Rendering of the project

Fort Lauderdale OKs plan for Bahia Cabana Hotel on the beach

Fort Lauderdale OKs plan for Bahia Cabana Hotel on the beach
Exeter Property Group CEO Ward J. Fitzgerald III (Ehlers-Danlos, Google Maps, Exeter)

Exeter lands $75M loan for spec Coral Springs warehouse project

Exeter lands $75M loan for spec Coral Springs warehouse project
From left to right: 3333 South Port Royale Drive in Fort Lauderdale with Invesco CEO Martin Flanagan and Mill Creek CEO William MacDonald (Invesco, Mill Creek)

Mill Creek, Invesco sell Fort Lauderdale apartments for $180M

Mill Creek, Invesco sell Fort Lauderdale apartments for $180M
Photo courtesy of David Iglesias

Boca Beach House condo project scores $43M construction loan

Boca Beach House condo project scores $43M construction loan
Matthew Karch and Auberge Beach Residences & Spa (Embracer Group, Google Maps)

Video game CEO spends $10M on Fort Lauderdale condo

Video game CEO spends $10M on Fort Lauderdale condo
Carlos Mattos and Dylan Fonseca with the Waterway Shoppes of Weston at 2210-2282 Weston Rd (Linkedin, Marcus & Millichap)

Mattos family pays $20M for Waterway Shoppes of Weston

Mattos family pays $20M for Waterway Shoppes of Weston
Jonathan Fish and a rendering of the project

Fort Lauderdale mixed-use project eyes March groundbreaking

Fort Lauderdale mixed-use project eyes March groundbreaking
Tom Cabrerizo and 6790-6880 Southwest 80th Street (Google Maps)

Developers score $15M construction loan for Miami townhouse development

Developers score $15M construction loan for Miami townhouse development
arrow_forward_ios

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

Loading...