Chetrit scores $94M construction loan for oceanfront condo project in Pompano

Madison Realty Capital has lent Chetrit roughly $500M for South Florida projects in the last year

Joseph Chetrit and a rendering of 2629 North Riverside Drive (Getty)
Joseph Chetrit and a rendering of 2629 North Riverside Drive (Getty)

The Chetrit Group secured a $94 million construction loan for a planned waterfront luxury condo development in Pompano Beach.

New York-based Madison Realty Capital provided the financing for Chetrit’s site at 2629 North Riverside Drive, said Henry Bodek of Galaxy Capital, who arranged the loan.

A rendering of 2629 North Riverside Drive

A rendering of 2629 North Riverside Drive

The New York development firm, which has been expanding in South Florida, plans a 121-unit condo project with a 20-slip marina on a portion of the property in the Hillsboro Shores neighborhood.

Chetrit could break ground and launch sales of the building in two to three months, Bodek said. Miami-based Kobi Karp Architecture & Interior Design is designing the condo project, which is part of a larger mixed-use development Chetrit plans.

The loan gives the developer sufficient funding to construct the condo building regardless of presales, Bodek said, adding that Madison moved quickly to win the financing bid.

A rendering of 2629 North Riverside Drive

A rendering of 2629 North Riverside Drive

“We had an overwhelming response from lenders to bid the project,” he added.

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Madison, led by managing principals Josh Zegen, Brian Shatz and Adam Tantleff have become Chetrit’s favored lender in South Florida in recent months. Over the past year, including the Pompano loan, Madison has granted the developer at least $482 million worth of financing.

Madison also recently provided a $78 million loan to Chetrit for the bulk purchase of condos at the Hollywood Beach Resort, an oceanfront building. Bodek, who arranged that financing as well, said the deal was complicated in that Chetrit negotiated with individual sellers, but had to secure one loan for the acquisition.

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Madison is also Chetrit’s lender for its $1 billion mixed-use mega development planned for the Miami River. The developer secured a $310 million construction loan in November from Madison, which Bodek brokered, for the second and first phases of the project. As approved in 2015, the five-phase development calls for a 330-key hotel, 1,700 residential units, 266,000 square feet of retail and office, and more than 2,000 parking spaces.

Commercial Observer first reported the two recent loans in Hollywood and Pompano Beach.

Pompano Beach, north of Fort Lauderdale, has attracted interest from a number of developers. This year, Miami-based Related Group launched sales of its second planned condo development in Pompano, called Casamar, after selling out its first project faster than originally expected.

Fortune International Group and Ricardo Dunin’s Oak Capital also began sales late last year of their two-building Ritz-Carlton Residences development at 1380 South Ocean Boulevard in Pompano Beach.