Sydne Garchik Of MRK Partners Secures $48.57 Million Loan For Federal Apartments In Fort Lauderdale

The asset involved in this transaction is a development site located at 800-845 Northwest 11th Avenue in Fort Lauderdale. The site spans 3.73 acres and is intended for the construction of the Federal Apartments, a 164-unit affordable housing project. The financial backing for this development is a construction loan amounting to $48,570,000.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $48,570,000
• Address: 800-845 Northwest 11th Avenue
• Market: Fort Lauderdale
• Developer/Owner: Sydne Garchik - MRK Partners
• Acquisition Price: $12,650,000
• Existing Units to Demolish: 88 units built in 1954
• Loan Type: Construction

Sydne Garchik represents MRK Partners in this project, overseeing the development of the site that was purchased in June. The existing structures are scheduled for demolition as part of the project to make way for the new affordable housing units.