A Hollywood-based developer borrowed $105 million and started construction of a major mixed-use development in the Flagler Village area just north of downtown Fort Lauderdale.
Walker & Dunlop arranged the four-year construction loan from HSBC Bank USA to an affiliate of Hollywood-based Prime Hospitality Group. A two-man team at Walker & Dunlop, Joe Zelcer and Joe Hercenberg, handled the financing deal.
The development, called Quantum at Flagler Village, will include 337 apartments in two 15-story buildings, a 137-room Courtyard by Marriot Hotel, a 647-space parking garage and 20,884 square feet of retail space fronting Federal Highway.
The general contractor and architect of the Quantum project are both affiliates of Prime Hospitality.
The development site at 701 North Federal Highway is owned by Flagler Village Land Trust, a Prime Hospitality affiliate headed by Larry M. Abbo.
Part of the development site was occupied by the now-demolished Tropicana Motel, a notorious property that attracted drug dealers and homeless people in the 1990s, in sharp contrast to the now-gentrified Flagler Village area. Former owner Michael Solari once told the Sun-Sentinel that soon after he and a partner bought the Tropicana in 2002, they learned that one of the first episodes of the TV show “Cops” unfolded behind the motel.
Flagler Village Land Trust bought the land beneath the motel in 2016 and other parcels in an assemblage from 701 to 723 North Federal Highway for the Quantum at Flagler Village development. [South Florida Business Journal] – Mike Seemuth