Kolter scores $25M loan for 100 Las Olas

Loan refinances $8.5M outstanding on a Wells Fargo Bank loan

Miami /
Mar.March 20, 2018 01:00 PM

Rendering of 100 Las Olas (Credit: 100 Las Olas)

The Kolter Group just scored $25 million for its mixed-use 100 Las Olas development, which at 46 stories is poised to be downtown Fort Lauderdale’s tallest building.

Property records show Chicago-based Canadian Imperial Bank of Commerce is the lender. As part of the deal, the bank assumed an unpaid principal balance of about $8.5 million from a nearly $9.5 million loan that Kolter scored in 2015 from Wells Fargo Bank.

The Kolter Group broke ground on 100 Las Olas a year ago. Once complete, the building at 100 East Las Olas Boulevard will consist of 121 condos, 238 rooms in a Hyatt Centric hotel, and 8,500 square feet of restaurants and retail on the ground floor.

The project is slated to be completed by 2020. Bob Vail, Kolter Urban’s president, said the firm is currently in the midst of pouring the 15th floor. Sales launched in 2017 with Peggy Fucci’s team at OneWorld Properties. A spokesperson for the project declined to provide a sales figure.

100 Las Olas will mark the first Hyatt Centric hotel in Broward County, and the third in Florida. Others include the 105-room Hyatt Centric South Beach in Miami Beach and the Hyatt Centric Key West Resort & Spa in Key West.

It’s also the first hotel to open on Fort Lauderdale’s Las Olas Boulevard since 1936, when the Riverside Hotel opened under its original name, the Champ Carr Hotel.

Bob Martin of Decorators Unlimited and Simone Dreary of Design Group are designing the project. Planned amenities include a resort-style pool, cabanas, fitness center, news lounge with daily beverage service, and a club room with a catering kitchen and bar.

A number of high-rise luxury projects are in the pipeline in downtown Fort Lauderdale, including Related Group’s Icon Las Olas, a 45-story rental tower. A joint venture between Eden Multifamily and Cypress Equity Investments is also planning a 32-story, 347-unit multifamily project  with ground floor retail space, and Elevate Partners is building 4 West Las Olas, a 25-story, 260-unit luxury apartment building.


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
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
4 West Las Olas

Fort Lauderdale developers score $92M bridge loan for rental tower

Fort Lauderdale developers score $92M bridge loan for rental tower
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
Kenneth Stiles and a rendering of Novo Las Olas

Preleasing begins at Novo Las Olas in downtown Fort Lauderdale

Preleasing begins at Novo Las Olas in downtown Fort Lauderdale
arrow_forward_ios

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

Loading...