Construction loans keep flowing: Newrock, Brickbox land $60M to build 165-unit Oakland Park rental project 

Newrock Partners and Brickbox Development landed a $60 million loan to build apartments in Oakland Park, as South Florida continues to defy a financing slowdown that’s gripping other U.S. markets. 

New York-based S3 Capital Partners provided the construction loan for the seven-story, 165-unit project planned at 3411 North Federal Highway, according to the lender’s news release. The project, called Parc Residences, will include 30,000 square feet of ground-floor retail, as well as co-working space, a residents library and 297 enclosed parking spaces. 

Steven Jemal of S3 represented the lender in the financing deal. 

Newrock, based in Oakland Park, is led by principals Dan Deitchman, Koby Assaraf and Joshua Deitchman, the firm’s website shows. Dan Deitchman owns Fort Lauderdale-based Brickbox, according to his LinkedIn. 

The developers, through an affiliate, filed a notice of commencement late last month, signifying the start of construction. 

Parc Residences is near the Oaklyn project that Newrock and Brickbox completed in September. Oaklyn, at 3333 North Federal Highway, has 274 apartments and 19,000 square feet of retail. 

Construction financing has continued to flow in South Florida, despite headwinds such as elevated interest rates, expensive insurance and an uncertain economic future. In recent deals, the Nora District mixed-use project in downtown West Palm Beach landed an $84 million construction financing package last month. Also, Prestige Companies scored a $20 million construction loan for the 105-unit Pioneer Lofts garden-style workforce rental complex at 6325 Southwest 37th Street in Davie.