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Northwestern Mutual Life Insurance Provides $78 Million Construction Loan For Fort Lauderdale Development Site

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FINANCED
$78,000,000

Florida

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Development Site
Financed 12/22/2025
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FINANCED

Northwestern Mutual Life Insurance Provides $78 Million Construction Loan For Fort Lauderdale Development Site

150 Northwest 68th Street

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Development Site
Financed 12/22/2025
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Summary

FLORIDA
Asset Type:Development Site
Transaction Type:Loan

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

NI
Northwestern Mutual Life Insurance
LENDER
David Gilbert
Clarion Partners
David Gilbert
28 deals$1.9B volume
LANDLORD

Details

FINANCED
IMAGE: David Gilbert DATE: 12/22/2025 ADDRESS: 150 Northwest 68th Street MARKET: Fort Lauderdale ASSET TYPE: Development Site ~ ACRES: 24.4 LENDER: Northwestern Mutual Life Insurance (@NorthwesternMutual) LANDLORD: David Gilbert - Clarion Partners; Lion Gables Realty LOAN AMOUNT: $78,000,000 LOAN TYPE: Construction NOTE: Northwestern Mutual Life Insurance Co. provided a $78 million construction loan to Cypress Phase I JV SPE LLC, a Lion Gables Realty–Clarion Partners venture, for the first phase of redeveloping the former Pan American Estates Mobile Home Park in Fort Lauderdale. The financing supports a 24.4-acre site approved for 978 apartments in 10 buildings, marking the start of a three-phase redevelopment.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$78,000,000.00

Monthly NOI$520,000.00
Monthly Debt Service$493,013.06
Change in Cash Flow$0.00
Refinance Proceeds$0.00