Apollo, Liberty Base score $56M construction loan for Dania Beach multifamily project
Joint venture plans a 12-story building with 278 apartments, a small café and 449 parking spaces
Apollo Companies and Liberty Base Investments secured $55.6 million in construction financing for the first phase of their 101 Dania Beach mixed-use project.
Israel Discount Bank provided the loan to the joint venture, records show. 101 Dania Beach’s first phase is a planned 12-story building with 278 apartments, a cafe and 449 parking spaces.
In May of last year, Apollo and Liberty Base — both based in Aventura — filed a notice of commencement with Broward County for the 1.9-acre development site at 101 Southwest First Street in Dania Beach. In 2022, the Dania Beach City Commission approved the site plan for the first phase.
The joint venture assembled nine parcels that make up the development site for $2.6 million between 2021 and 2022, records show.
In August of last year, Apollo and Liberty Base scored another site plan approval for 101 Dania Beach’s second phase at 46 Southwest First Avenue. The planned second 12-story building will have 102 apartments, including some ground-floor live-work units, a ground-floor retail space and 22,000 square feet of office space. A pedestrian bridge will connect the first and second phases.
Both buildings, designed by Miami-based Caymares Martin, will feature a mix of studios, one-, two- and three-bedroom apartments.
Apollo, led by CEO Edward Abbo, and Grupo Eco are co-developing a 12-story, 57-unit office condominium at the Atlantic Village mixed-use project in Hallandale Beach. The office condo is currently under construction.
In October, Apollo and the city of Doral reached a compromise for a planned mixed-use project the firm is developing utilizing the Live Local Act. The state law allows builders to bypass public hearings for apartment developments that set aside 40 percent of the units for workforce housing.
Apollo is planning Oasis at Doral, a complex of seven eight-story buildings on an 18-acre site that will entail several hundred units and retail space that would include food and beverage outlets. Two existing office buildings would remain intact.
Led by principal Leon Ojalvo, Liberty Base is a multifamily-focused real estate investment firm. The company owns Blue Village Apartments in Miami Shores. It paid $15 million in 2021 for the 106-unit rental community.