Alta nabs $38.5M construction loan for Flagler Village rentals

12-story, 208-unit building is the first phase of Alta's Flagler Village project

TRD MIAMI /
Mar.March 03, 2017 05:00 PM

Miami-based Alta Developers has closed a $38.49 million construction loan for an apartment rental tower in Fort Lauderdale’s Flagler Village. 

Records show Bank of the Ozarks provided the financing for the project at 421 Northeast Sixth Street. It has not yet broken ground.

The 12-story, 208-unit building is the first phase of Alta’s Flagler Village rental development. The firm, led by principals Henry Pino and Raimundo Onetto, bought the 1.7-acre site in July for $2.77 million and knocked the former structure down in December.

Cohen Freedman Encinosa & Associates is the architect of Alta Flagler Village. The project will have 175,360 square feet of apartments and 3,250 square feet of commercial space.

It’s one of several rental buildings in the works for Flagler Village.

ArchCo Residential is moving forward with its plans for a 385-unit mixed-use apartment complex on North Andrews Avenue, Northeast First Avenue, Northeast Fifth Avenue and Sistrunk Boulevard. Also nearby is the Morgan Group’s Morgan on 3rd Avenue, a 350-unit development at 400 Northeast Third Avenue. The developer scored a $61 million construction loan for the project in December.

Proponents of Flagler Village are banking on a Wynwood-esque explosion in property values, citing the proximity of downtown Fort Lauderdale and All Aboard Florida’s Brightline station, the latter of which is under construction.


Related Articles

arrow_forward_ios
Masoud Shojaee and a rendering of Shoma Village 

Shoma Group scores $67M loan for mixed-use Hialeah project

Shoma Group scores $67M loan for mixed-use Hialeah project
Fourth Avenue Church of God (Google Maps)

Church near Flagler Village to be redeveloped into mixed-use project

Church near Flagler Village to be redeveloped into mixed-use project
Housing Trust Group CEO and president Matt Rieger and Hudson Village renderings

HTG scores financing for Hollywood affordable housing project

HTG scores financing for Hollywood affordable housing project
Jeff Burns, Nick Rojo, The Bohemian Lake Worth

Affiliated Development’s Lake Worth Beach apartment project approved

Affiliated Development’s Lake Worth Beach apartment project approved
A rendering of the Intracoastal Mall and Gil Dezer

Dezer’s plans to remake Intracoastal Mall face opposition

Dezer’s plans to remake Intracoastal Mall face opposition
Alta Developers CEO Raimundo Onetto and Le Parc at Brickell rendering

Le Parc at Brickell condo association sues Alta Developers and partner for alleged construction defects

Le Parc at Brickell condo association sues Alta Developers and partner for alleged construction defects
 Rendering of Father Marquess-Barry Apartments with Matt Rieger

HTG scores financing for senior affordable housing in Overtown

HTG scores financing for senior affordable housing in Overtown
Biscayne Beach

Lawsuit accuses Biscayne Beach developer and construction firms of shoddy work

Lawsuit accuses Biscayne Beach developer and construction firms of shoddy work
arrow_forward_ios

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

Loading...