Fort Lauderdale developer nabs $80M construction loan for rental tower

25-story apartment building will have 260 units, ground floor retail

Miami /
Feb.February 15, 2018 01:30 PM

Renderings of 4 West Las Olas (Credit: Elevate Partners)

Fort Lauderdale developer Elevate Partners just closed on an $80 million construction loan for a luxury rental tower, property records show.

The developer, along with NCC Development Group, plans to build 4 West Las Olas, a 25-story, 260-unit luxury apartment building at 305 South Andrews Avenue. Trez Forman Capital Group is the lender.

Elevate Partners is in the process of demolishing buildings and plans to break ground in a couple of months, principal Tom Vogel said. It would be completed within 18 months to two years of groundbreaking. Records show Elevate One River LLC paid $24 million for the site in August. Scott Bodenweber, Denny St. Romain and Vogel are the main partners.

The riverside apartment building will have studios, one, two and three-bedroom units managed by Greystar and about 5,000 square feet of retail space on the corner of Las Olas Boulevard and Andrews Avenue. Briny Irish Pub will stay in the ground floor of the adjacent parking garage, which the developer is incorporating into the new project. The popular tavern is leasing about 6,000 to 7,000 square feet.

New development is picking up steam along the Las Olas Riverfront. Property Markets Group closed on a $154 million construction loan for a two-phase apartment development with a waterfront public plaza in July. It’s projected to open in 2020.


Related Articles

arrow_forward_ios
Tavistock's Joe Lewis with  Pier Sixty-Six (Super Yacht Fan)
Tavistock’s long-planned Pier Sixty-Six condos hitting the market soon
Tavistock’s long-planned Pier Sixty-Six condos hitting the market soon
RK Centers’ Raanan Katz and Aimco's Wes Powell with the SW corner of Northeast Fifth Avenue and Northeast Ninth Street (LinkedIn, Google Maps)
Aimco completes $100M Flagler Village dev assemblage with latest $16M deal
Aimco completes $100M Flagler Village dev assemblage with latest $16M deal
Brand Atlantic Real Estate Partners managing partners Andrew Dance and Adam Demark, and renderings of the two buildings at 300 Banyan Boulevard and 111 Olive Avenue (Brand Atlantic Real Estate, Getty)
JV scores $87M construction loan for West Palm Beach office projects
JV scores $87M construction loan for West Palm Beach office projects
Keiser University CEO Arthur Keiser in front of 1900 West Commercial Boulevard and 1500 Northwest 49th Street in Fort Lauderdale (Keiser University, Keenan Development Group, Getty Images)
Keiser University sells pair of Fort Lauderdale office properties for $58M
Keiser University sells pair of Fort Lauderdale office properties for $58M
Mark Post, CEO of Newport Beach, Calif.-based Javier’s Cantina with 1601 East Lake Drive in Ft. Lauderdale (Instagram via mark.javierscantina, Joy Triglia)
California restaurateur buys waterfront Fort Lauderdale mansion for $13M
California restaurateur buys waterfront Fort Lauderdale mansion for $13M
845 Northeast Fifth Terrace and two other unaddressed lots in Fort Lauderdale with Aimco's CEO Wes Powell (Google Maps, LinkedIn, Illustration by Priyanka Modi for The Real Deal with Getty)
Aimco adds to Flagler Village dev site set for 3M sf mixed-use project
Aimco adds to Flagler Village dev site set for 3M sf mixed-use project
Midtown's Alejandro Velez and Prospect Real Estate's Michele Zahn, and Richard Zahn Sr. with rendering of Advantis Station (Midtown Capital Partners, Prospect Real Estate Group, Baker Barrios)
Developers score $65M construction loan for Flagler Village apartments
Developers score $65M construction loan for Flagler Village apartments
7070 Northeast Third Avenue, Fort Lauderdale; Asana Partners' Terry Brown, Sam Judd and Jason Tompkins (Felipe Calderon, Asana Partners)
Asana buys office, industrial properties in Fort Lauderdale’s Flagler Village
Asana buys office, industrial properties in Fort Lauderdale’s Flagler Village
arrow_forward_ios

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

Loading...