Onyx Funding Arranges $4.6M Construction Loan For Development Site In Fort Lauderdale

A construction loan totaling $4,600,000 was closed within three weeks for a development site located at 40 Compass Isle in Fort Lauderdale. The property, spanning 25,000 square feet, is a vacant land adjacent to a tear-down single-family residence in Bay Colony, one of the most prestigious neighborhoods in South Florida. Onyx Funding, a Miami-based commercial real estate financing firm, arranged the loan for the project.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $4,600,000
• Address: 40 Compass Isle, Fort Lauderdale
• Market: Fort Lauderdale
• Loan Type: Construction Loan
• Loan Terms: Closed in 3 weeks, 70% LTC, 10% Interest Only, no prepayment penalty
• Lender: Onyx Funding
• Broker: Daniel Taylor - Onyx Funding

Onyx Funding specializes in originating bridge, construction, and permanent loans nationwide. Their expertise allowed for the quick and aggressive arrangement of the loan for this high-value development site in Bay Colony.