The Real Deal Miami

Developer of 321 at Water’s Edge nabs construction loan

11-story, 23-unit building will be delivered in about a year
By Katherine Kallergis | January 29, 2018 05:30PM

Rendering of 321 at Water’s Edge (Credit: SobelCo)

SobelCo just closed on a $26 million construction loan for 321 at Water’s Edge in Fort Lauderdale.

Goldman Sachs is providing the financing, according to a press release. The developer broke ground on the 11-story, 23-unit building earlier this month with a projected completion date of early 2019.

Douglas Elliman took over sales of the boutique waterfront condo project at 321 North Birch Road last year from Engel & Völkers. Buyers are required to put 20 percent down, followed by 10 percent about four months later.

A representative from SobelCo, led by Chairman Samuel Sobel and President Jeffrey Sobel, could not be immediately reached for a sales update.

Prices start at $1.95 million and units will range from 2,600 square feet to more than 3,800 square feet. Condos will include smart home features, designer kitchens, furnishings and bedroom suites. Owners will also have a five-year membership to the private dining club at the Pillars Club nearby.

Records show the developer paid $10 million for the 27,400-square-foot site in May 2015 and announced the project, then called Oceana Fort Lauderdale, months later. It opened a sales center for 321 at Water’s Edge in 2016.

The building will also feature a private wine club and lounge, a sky terrace with a lounge and summer kitchen, pool, Jacuzzi and bar, a 2,400-square-foot gym with ocean views and electric car charging stations.