Cymbal scores $60M construction loan for Oasis Pointe apartments in Dania Beach

Miami-based 3650 REIT provided financing, construction expected to start in 45 days

Miami /
Dec.December 14, 2020 03:54 PM
Rendering of Oasis Pointe apartments and Cymbal Development's Asi Cymbal and Hector Torres (Getty, Aztec Group, DLT Global)

Rendering of Oasis Pointe apartments and Cymbal Development’s Asi Cymbal and Hector Torres (Getty, Aztec Group, DLT Global)

Cymbal Development closed on a $60.3 million construction loan for an apartment building next to the Dania Pointe mixed-use development in Dania Beach.

Oasis Pointe, a 301-unit canal-front apartment building, will be built at the northeast corner of Stirling Road and South Bryan Road.

The lender is Miami-based 3650 REIT, a commercial real estate lending and investment firm. Miami-based Aztec Group arranged the loan, according to a release.

Cymbal Development, led by Asi Cymbal and Hector Torres, plans a 19-slip boat club at Oasis Pointe. Other amenities will include Zoom lounges, a waterfront boardwalk, lap pool, fitness center, and butterfly garden. The property also will feature a fresh-air intake and air sterilization and purification system.

DLT Cymbal Construction is the general contractor, and Plaza Construction is the project manager. Deerfield Beach-based architecture firm CES Design Group designed the eight-story building.

Cymbal said the project will break ground in 45 days. He expects Oasis Pointe to open in the spring of 2022 with monthly rents starting at $1,395.

Michael Fleischer and Will Pierce handled the deal for 3650 REIT. Jason Shapiro, Charles Penan and Joel Zusman of Aztec arranged the loan, according to the release.

In July, Cymbal Development paid $4.8 million for the 2.4-acre site at 150 South Bryan Road, and financed the purchase with a $3.85 million mortgage from Miami-based New Wave Loans.

The site is on the southern end of a rectangular block across Bryan Road from Dania Pointe, a 102-acre shopping and dining destination with residential units and commercial space, developed by New York-based Kimco Realty. Spirit Airlines is building its headquarters there.

Cymbal worked with the seller of his development site and owners of three other properties on the same block to get the entire 11-acre block rezoned in October 2019 to “planned small lot mixed-use development” from “general business” and “industrial research office marine.”

The other three rezoned-property owners are now trying to win city approval for their own development along Banyan Road. The Dania Beach City Commission is expected on Jan. 12 to review their proposed site plan for a 740-unit apartment complex, called Wave 70 and Wave 90, just north of the Oasis Pointe site.

 


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