Rey Grabato Of National Realty Investment Advisors Secures $54M Loan For Fort Lauderdale Development Site
210 Northeast 3rd Street
$54,000,000
Units
388
Asset Type
Development Site
Closing
Feb 17, 2026
AI
The asset involved in this transaction is a development site located at 200-210 Northeast 3rd Street, Fort Lauderdale, with an area of 0.7 acres. The transaction is financed through a loan amounting to $54,000,000. The site is intended for the construction of a planned 43-story, 388-unit multifamily tower in the Flagler Village neighborhood.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $54,000,000
- Address: 200-210 Northeast 3rd Street
- Market: Fort Lauderdale
- Lender: MidCap Financial
- Landlord: Rey Grabato - National Realty Investment Advisors (NRIA)
- Acres: 0.7
The loan was secured by National Realty Investment Advisors following legal proceedings including a bankruptcy in 2023 and the sentencing of former executive Nicholas Salzano related to a Ponzi scheme amounting to $658 million. This financing marks a significant commitment to the development project in Fort Lauderdale.
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
0.29%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93