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
The Pines Plaza Shop at 4505-4599 North Pine Island Road, Fort Lauderdale (MMG Equity Partners)
CK principals make $11M bet on half-vacant Fort Lauderdale shopping center
CK principals make $11M bet on half-vacant Fort Lauderdale shopping center
Daniel Kordash in front of 444 Royal Plaza Dr in Fort Lauderdale (Getty Images, Realtor.com)
New York investment honcho flips waterfront Fort Lauderdale home for $8M
New York investment honcho flips waterfront Fort Lauderdale home for $8M
Mast Capital CEO Camilo Miguel Jr. and a rendering of Waterline Miami River (Mast Capital)
Mast Capital JV reels in $71M loan for Miami River multifamily development
Mast Capital JV reels in $71M loan for Miami River multifamily development
From left: Charles Kushner, Wes Powell, Nicole Kushner Meyer and Laurent Morali with a rendering of the planned development (Kushner, Stantec, ODA Architecture, iStock)
Multifamily giants Kushner and Aimco acquire site of Fort Lauderdale mega project
Multifamily giants Kushner and Aimco acquire site of Fort Lauderdale mega project
From left: Jorge Perez, chairman and CEO, Related Group; Gil Dezer, president, Dezer Development (Getty Images, Related Group, LoopNet)
Related Group, Dezer win approval for 10-story oceanfront condo project in Hillsboro Beach
Related Group, Dezer win approval for 10-story oceanfront condo project in Hillsboro Beach
Mayor Dean Trantalis with Flagler Greenway to NE 9th Street (Wikimedia, Path Foundation)
Fort Lauderdale approves master plan for its $90M-plus version of Miami’s Underline
Fort Lauderdale approves master plan for its $90M-plus version of Miami’s Underline
A rendering of The Crosby, Related's Nick Pérez and Merrimac's Nitin Motwani
Motwanis, Related to develop 450-unit condo tower at Miami Worldcenter
Motwanis, Related to develop 450-unit condo tower at Miami Worldcenter
Sadhana and Sanjaykumar Patel of Luckey’s Management with a rendering of the 172-room hotel development in Fort Lauderdale (Luckey's Management/George White Architect)
Lucky Day? Luckey’s Management wins approval for 172-room, dual-branded hotel in Fort Lauderdale
Lucky Day? Luckey’s Management wins approval for 172-room, dual-branded hotel in Fort Lauderdale
arrow_forward_ios

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

Loading...