Riva Fort Lauderdale closes on $65M construction loan

Miami /
May.May 03, 2017 09:45 AM

Developer Bradley Deckelbaum closed on a $65 million construction loan for Riva, a 15-story condo tower under construction in Fort Lauderdale, a spokesperson for the project confirmed. 

New York-based Madison Realty Capital is providing the financing for Riva, which is about 70 percent presold to a majority of local buyers. The real estate investment firm focuses on equity and debt investments in the middle markets, according to a press release. The deal has not yet cleared records.

Deckelbaum’s Premier Developers, which broke ground on the building in 2015, plans to deliver Riva by September. Construction is about 65 percent completed. The 100-unit project, at 1180 North Federal Highway, will have a 40,000-square-foot club deck on the fourth floor with a 7,000-square-foot gym, a 2,500-square-foot club room, a 1,500-square-foot kitchen, private wine lockers, a dog park and a lap pool.

Unit prices range from the $700,000s to more than $3 million. Condos come with boat slips, and will range from more than 1,500 square feet to about 8,800 square feet. The building will also have about 8,000 square feet of commercial space on the ground floor that’s for sale.

Falkanger Snyder Martineau & Yates designed the building, which will have a 400-foot-long landscaped river walk, a water taxi, water sports center with a private dock, and a spa. General contractor Moss & Associates topped off construction in February.

Property records show the developer paid $1.8 million for the site in 2014 and closed on a $5 million mortgage from Gaddis Capital Corporation at the same time.

At this stage in the real estate cycle, condo and hotel construction loans are the hardest to secure, while speculative developments and land are rarely being financed today by traditional lenders, Charles Penan, managing director of the Aztec Group, told The Real Deal in its March issue.

Madison Realty Capital also provided a construction loan to complete the Meliá Costa Hollywood Beach Resort, a $180 million condo-hotel, last summer.


Related Articles

arrow_forward_ios
Madison Realty Capital’s Brian Shatz, Josh Zegen and Diana Group's Jaime Murra with 430 Northeast 31st Street (Concordia, Google Maps)
Colombian developers score $55M construction loan for Edgewater apartment project
Colombian developers score $55M construction loan for Edgewater apartment project
Hassan Whiteside and 528 Lakeview Court in Miami Beach (Getty, Joe Azar/Compass)
NBA’s Hassan Whiteside lists Miami home for $23M, triple what he paid for it
NBA’s Hassan Whiteside lists Miami home for $23M, triple what he paid for it
Donald Trump and Grant Cardone (Cardone Enterprises)
Presidential surprise: Donald Trump kicks-off Grant Cardone’s 10X Growth Conference
Presidential surprise: Donald Trump kicks-off Grant Cardone’s 10X Growth Conference
McDowell wants to build 201 apartments near Homestead, puts land under contract
McDowell wants to build 201 apartments near Homestead, puts land under contract
McDowell wants to build 201 apartments near Homestead, puts land under contract
Renderings of Venus with Erik Rutter and David Weitz (ImageFiction)
Carpe secures approval for North Miami Beach mixed-use apartment project
Carpe secures approval for North Miami Beach mixed-use apartment project
From left: Damien Barr and Ned Grace of NDT Development; Joe Furst of Place Projects; a rendering of the planned redevelopment of the Nora District in downtown West Palm Beach (ArquitectonicaGEO, Place Projects, NDT Development)
West Palm developers secure capital partner for Nora District projects
West Palm developers secure capital partner for Nora District projects
(ONE Sotheby's Realty)
Former mayor George “Bud” Scholl’s waterfront home hits market for $13.9M
Former mayor George “Bud” Scholl’s waterfront home hits market for $13.9M
Jackie Soffer with 2750 Northeast 199th Street (Google Maps, Turnberry.com)
Jackie Soffer’s Turnberry proposes office/retail project near Aventura Mall
Jackie Soffer’s Turnberry proposes office/retail project near Aventura Mall
arrow_forward_ios

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

Loading...