UPDATED, Feb. 2, 10:54 a.m.: Location Ventures landed $14.4 million in equity financing for a 65-unit condo project in Fort Lauderdale’s Central Beach neighborhood.
The project, at 551 Bayshore Drive along the Intracoastal Waterway, will feature residences that average more than 2,000 square feet, according to a press release. Several marina slips are also in the approval process.
Documents filed with the city in January for that address describe a mixed-use development that includes 1,650 square feet of restaurant space.
An unidentified New York-based investor provided the financing. Jeffrey Donnelly and Dmitry Levkov of Colliers International arranged the financing for Location Ventures.
The company that owns the development site — Bayshore Concepts — is managed by Swedish investor Par Sanda, who has been redeveloping Fort Lauderdale Beach for years. Location Ventures, based in Coral Gables, is led by Rishi Kapoor.
Last year, Location Ventures launched a new financing program to appeal to condo buyers who may have their money tied up elsewhere, or don’t want to pony up a hefty cash deposit. The company also launched virtual memberships geared toward coaxing people back to the office.
In the summer, Kapoor won the unanimous endorsement of the Miami Beach Historic Preservation Board for a mixed-use co-living and hotel development on Washington Avenue.
Correction: Because of an editing error, a previous version of this article incorrectly referred to the equity financing as debt.