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
Photo courtesy of David Iglesias

Boca Beach House condo project scores $43M construction loan

Boca Beach House condo project scores $43M construction loan
Nick Rojo and Jeff Burns (Affiliated, iStock)

Affiliated Development launches $125M workforce housing fund

Affiliated Development launches $125M workforce housing fund
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
Triton Center (iStock)

Questions surround $50M in EB-5 investments tied to former INS building: lawsuit

Questions surround $50M in EB-5 investments tied to former INS building: lawsuit
Alex Sapir and Bella Sapir (Credit: Mark Von Holden/WireImage via Getty Images, and ADRIEL REBOH/Patrick McMullan via Getty Images)

Alex Sapir’s family closes on condos at Sapir’s Arte in Surfside

Alex Sapir’s family closes on condos at Sapir’s Arte in Surfside
Michael S. Liebowitz and Russell Galbut (Linkedin)

Russell Galbut and partner launch blank check company, plan to raise $100M

Russell Galbut and partner launch blank check company, plan to raise $100M
Southland Mall, 20505 South Dixie Highway in Cutler Bay with JLL's Tom Hall and Danny Finkle (Google Maps, JLL)

Southland Mall’s troubled $65M CMBS loan for sale

Southland Mall’s troubled $65M CMBS loan for sale
Renderings of the project and Gil Dezer (Getty; Renderings via  Zyscovich Architects)

Dezer’s 30-acre megaproject in North Miami Beach gets first approval

Dezer’s 30-acre megaproject in North Miami Beach gets first approval
arrow_forward_ios

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

Loading...