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Wells Fargo Provides $240M Construction Loan For Selene Oceanfront Residences, Fort Lauderdale

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FINANCED
$240,000,000

Florida

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FINANCED

Wells Fargo Provides $240M Construction Loan For Selene Oceanfront Residences, Fort Lauderdale

3000 Alhambra Street, Fort Lauderdale, Florida 33304, United States

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Summary

FLORIDA
Asset Type:Development Site
Transaction Type:Loan

The Selene Oceanfront Residences development site in Fort Lauderdale has secured a construction loan of $240,000,000 from Wells Fargo. The development, located at 3000 Alhambra Street, will consist of two 26-story towers with a total of 194 units. The property will also include 5,400 square feet of restaurant space at the base.

Summary of transaction details

  • Property Type: Development Site
  • Transaction Amount: $240,000,000
  • Address: 3000 Alhambra Street, Fort Lauderdale
  • Lender: Wells Fargo
  • Landlord: Kolter Group - Bob Vail & Bobby Julien

Bob Vail & Bobby Julien, representing the Kolter Group, played a key role as the landlords in this transaction. Their involvement ensures the successful development of the Selene Oceanfront Residences in Fort Lauderdale.

Details

FINANCED
IMAGE: Bob Vail & Bobby Julien DATE: 12/22/2022 ADDRESS: 3000 Alhambra Street MARKET: Fort Lauderdale ASSET TYPE: Development Site LENDER: Wells Fargo (@WellsFargo) LANDLORD: Kolter Group - Bob Vail & Bobby Julien LOAN AMOUNT: $240,000,000 LOAN TYPE: Construction Loan NOTE: The development, called Selene Oceanfront Residences will feature two 26-story towers, totaling 194 units and 5,400 square feet of restaurant space at the base

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$240,000,000.00

Monthly NOI$1,600,000.00
Monthly Debt Service$1,516,963.26
Change in Cash Flow$0.00
Refinance Proceeds$0.00