Northwestern Mutual Life Insurance Provides $78 Million Construction Loan For Fort Lauderdale Development Site
150 Northwest 68th Street
$78,000,000
Building Size
—
Asset Type
Development Site
Closing
Dec 22, 2025
AI
The asset involved in the context is a development site located at 150 Northwest 68th Street in Fort Lauderdale, encompassing 24.4 acres. This site is approved for the construction of 978 apartments distributed across 10 buildings, and a construction loan amounting to $78 million has been secured for this project.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $78,000,000
- Lender: Northwestern Mutual Life Insurance
- Landlord: David Gilbert - Clarion Partners; Lion Gables Realty
- Loan Type: Construction
- Market: Fort Lauderdale
- Acres: 24.4
The transaction involves a construction loan provided by Northwestern Mutual Life Insurance Co. to Cypress Phase I JV SPE LLC, a partnership between Lion Gables Realty and Clarion Partners. This financing initiative marks the commencement of a multi-phase redevelopment plan for the former Pan American Estates Mobile Home Park.
Players
Fort Lauderdale Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.20%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93