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Cymbal DLT lands $31M construction loan for Fort Lauderdale apartment towers
Riverwalk Raintree Residences is first phase of $1B mixed-use development
Cymbal DLT Companies nabbed a $31 million construction loan for a pair of Fort Lauderdale towers, but the firm doesn’t expect to break ground until next year.
The Miami-based developer and general contractor won financing from 3650 REIT, which also recently funded construction of another Cymbal DLT multifamily project in South Florida, according to a press release.
The funding represents “a huge step” in commencing the first phase of a $1 billion mixed-use project on 6 acres along downtown Fort Lauderdale’s New River, Cymbal Chairman Asi Cymbal said in a statement. The apartment buildings, 28 and 29 stories tall, respectively, will be built at 408 Southwest Fourth Street and 403 Southwest Third Avenue.
Construction of Riverwalk Raintree Residences, designed by Chicago-based Jo Palma + Partners, is expected to begin next year, the release states. In February, the Fort Lauderdale City Commission approved a reduction in the height and number of units at Riverwalk Residences. The two towers were previously planned for 32 and 35 stories, respectively, and were going to have a combined 784 apartments.
The city commission also approved the developer’s request to move a 100-year-old African raintree closer to New River that was previously contested by local activists in 2013.
The second phase, designed by Miami-based Arquitectonica, entails a branded condominium tower, a branded hotel, a branded yacht valet and yacht club, membership clubs, and food and beverage operations, the release states.
In 2020, 3650 REIT provided Cymbal DLT, led by Cymbal and CEO Hector Torres, with a $60.5 million loan for Oasis Pointe Residences, a 301-unit apartment complex on more than 2 acres in Dania Beach. Tenants began moving into Oasis last month, the release states.
In June, Cymbal nabbed a $102.5 million loan from an entity affiliated with Stephen Ross’ Related Companies for the purchase and construction of a Miami Gardens development. Cymbal paid $15.5 million for a 14-acre former horse stable site. The firm plans to build 11 four-story apartment buildings with 341 units. Amenities will include a metaverse room and a Zoom coworking lounge.
Cymbal DLT has more than $2 billion worth of new projects in its pipeline and plans to triple that amount by the end of next year, the release states.