13th Floor Investments Secures $83 Million Loan From CIBC Bank USA For Hallandale Beach Development

The asset involved in this transaction is a development site located at 106, 2002 Pembroke Road, 700 & 1000 Northeast 1st Avenue in Hallandale Beach. The site encompasses 15.5 acres of land. The transaction involves a construction loan amounting to $83,000,000, secured for the development of a 398-unit apartment complex named The Parks at Hallandale, which will include market-rate and workforce housing as well as amenities such as a pool, fitness center, and retail space, with completion expected in 2026.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $83,000,000
• Lender: CIBC Bank USA
• Landlord: Arnaud Karsenti - 13th Floor Investments
• Broker Representatives: Alec Fox & Scott Wadler - Berkadia
• Preferred Equity Provider: Marble Capital

This transaction was notably facilitated by brokers Scott Wadler and Alec Fox of Berkadia, who were instrumental not only in securing the construction loan but also in arranging preferred equity from Marble Capital for the project led by 13th Floor Investments.