OceanLand Investments scored a $96 million construction loan for its planned Sixth&Rio condo project in Fort Lauderdale.
The Fort Lauderdale-based developer landed financing from Invictus Real Estate Partners, a New York-based real estate private equity firm, and West Palm Beach-based Tannenbaum Capital Group Real Estate, according to a press release.
OceanLand founder and CEO Jean-Francois Roy also tapped Stiles Construction, led by Ken Stiles, as the general contractor for the project. The eight-story, 94-unit condominium planned for 501 Southeast Sixth Avenue is slated to be completed in 2026, the release shows.
JLL’s Brian Gaswirth and Paul Adams brokered the financing, the release shows.
Prices for the planned units range from $900,000 to $3 million. Floor plans include one-, two-, three- and four-bedroom options, ranging from 800 square feet to 2,500 square feet, according to the project’s website. Amenities in the building will include a fitness center, club room, co-working space, coffee and wine bar and a rooftop pool, the release shows.
In February, Roy replaced Compass with Peggy Olin’s OneWorld Properties as the marketing brokerage for the project. Sales launched with Compass in 2022.
Fort Lauderdale-based FSMY Architects + Planners and Hollywood-based AM Studio are designing Sixth&Rio, and ID & Design International and Interiors by Steven G are leading interiors, according to the release.
Roy described a tougher lending environment amid rising construction and borrowing costs.
“It was a challenge to get a construction loan,” Roy said. He also noted condo projects are more demanding in the current environment, with more rigorous city requirements and stringent buyer demands for security and amenities.
“People, when they see the new price, it’s a shock,” he said.