Four Seasons in Fort Lauderdale scores $210M loan

The luxury hotel and condo development is about 60% sold

Dec.December 09, 2019 01:30 PM
Madison Realty Capital'a Josh Zegen and Fort Partners' Nadim Ashi  

Madison Realty Capital’s Josh Zegen and Fort Partners’ Nadim Ashi

Fort Partners scored a $210 million construction loan for its Four Seasons Hotel and Private Residences in Fort Lauderdale, in one of the largest residential financings in the city’s history.

The Miami-based group secured the loan for its 22-story oceanfront luxury condo and hotel development at 525 North Fort Lauderdale Beach Boulevard from Madison Realty Capital, a New York-based construction lender. Madison Realty Capital provided the entire loan for the project.

The project is already under construction with about 60 percent of the units sold, according to a press release. The hotel and condominium development will include 148 guest rooms and 83 condos ranging in size from one- to four-bedrooms. Prices start at about $4 million.

Amenities include two pools with luxury cabanas, a beach butler service, a spa and yachting services. Pets at the luxury development will also have a pet concierge and the development will include an on-call veterinarian, according to the release.

The loan signals growing demand for luxury condo and hotels in Fort Lauderdale. The city is attracting an influx of new buyers from the Northeast due to changes in Trump’s tax plan. Nearby, the Related Group is co-developing a two-tower luxury condo development, Auberge Beach Residences & Spa.

Josh Zegen, a co-founder of Madison Realty Capital, said one reason Fort Partners was interested in working with his firm is because it could provide the entire $210 million loan, so the developer would not have to rely on other components such as mezzanine debt.

Madison Realty Capital is becoming more active in South Florida’s real estate market, especially in Broward and Palm Beach counties.

In July, the lender provided a $225 million construction loan to Penn-Florida for The Residences at Mandarin Oriental in Boca Raton. In June, the company also provided Menin Development a $72 million loan to finance construction of The Ray, a 141-room hotel planned in downtown Delray Beach.

In total, the lender has completed about $12 billion in equity and debt transactions since 2004, according to its website.

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