Latitude Group landed a $24.5 million construction loan for a mid-rise boutique condominium project in Fort Lauderdale Beach.
An affiliate of Key Biscayne-based Latitude, led by founders Luis Estrada and Carlos Lopez, obtained the financing from Linkvest Capital, whose principals Camilo Niño, Ricardo Uribe and Alen Hernandez handled the loan, a press release states. AJ Felberbaum and Jay Miller with BayBridge Real Estate Capital arranged the financing on behalf of Latitude.
The proceeds will be used to build The Terraces, a planned 10-story building with 22 condos at 527 Orton Avenue in Fort Lauderdale, the release states. Latitude broke ground on the project in April and 60 percent of the units are pre-sold. Douglas Elliman is handling sales, according to the release.
The Terraces was designed by West Palm Beach-based architecture firm GarciaStromberg, and the general contractor is Miami-based Winmar Construction.
In 2020, Latitude paid $3.3 million for the half-acre development site, records show.
The Terraces will offer a mix of two- and three-bedroom units, as well as units featuring dens, ranging from 1,775 square feet to 2,700 square feet, the release states. Prices start at $2 million.
Condos will have 10-foot ceilings, floor-to-ceiling impact glass windows and wraparound terraces with ocean views. The project will also feature 7,000 square feet of amenities, according to the release.
For more than 15 years, Miami-based Linkvest has invested and managed about $1.4 million in real estate projects and loans, the release states. Last year, LinkVest partnered with South Miami-based Indigo Properties to redevelop a truck yard into a mixed-use project in Hialeah Gardens. The joint venture is planning a three-story self-storage facility with seven single-tenant retail buildings on an 8-acre site at Northwest 138th Street and Northwest 107th Avenue.
Fort Lauderdale Beach is a hotbed for boutique condo development. Last month, New York-based Moore Group submitted a site plan application for Amalfi, a planned 20-story condominium with 38 units at 2317-2237 North Ocean Boulevard. Moore Group assembled the five-lot site between 2021 and 2022 for a combined $5.5 million.