Urban Street Development scores loan for FATVillage loft project
The building is designated in a federal Opportunity Zone
Urban Street Development scored a $9 million construction loan for its luxury loft project in Fort Lauderdale’s FATVillage.
Urban Street secured the loan for The Forge, a planned seven-story, 35-unit building at 401 Northwest 1st Avenue. The site is within a designated Opportunity Zone, according to a press release.
The developer plans to break ground on the project this year, and complete it in 2021. The loan was sourced from an undisclosed bank at a 55 percent loan-to-cost, according to the release.
Brad Williamson of Berkadia’s Miami office secured the financing on behalf of the developer.
The Forge will feature a mix of one- and two-bedroom units ranging in size from 781 square feet to 1,350 square feet. Apartments will feature 12-foot to 14-foot ceilings, finished concrete floors, Bauhaus-inspired windows, open entertainment kitchens, quartz countertops and smart home technology, according to the release.
Community amenities will include a CrossFit-inspired gym, garage parking, and shared access to the Foundry Loft’s pool deck next door, according to the release.
The federal Opportunity Zones program was pushed forward in President Trump’s 2017 tax plan and allows investors and developers to gain tax breaks for investing in certain census tracts. There are more than 8,700 designated Opportunity Zones sites across the country.
Urban Street Development is led by real estate developer Alan Hooper and restaurateur and entrepreneur Tim Petrillo. The company is spearheading development of FATVillage, which will consist of eight buildings and will include apartments, offices, retail spaces, restaurants, a commercial parking garage and a hotel. It will cost approximately $300 million to develop, according to its website. In total, the project will span over 506,000 square feet.