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.