MRK Partners Secures $67 Million Loan For Redevelopment Of Federal Apartments In Fort Lauderdale

The property asset involved in the transaction is a development site located at 800-844 Northwest 11th Avenue, Fort Lauderdale, FL. The site encompasses approximately 3.7 acres and is set for redevelopment, which includes the transformation of 88 outdated units into 164 affordable apartments housed within two five-story buildings, totaling 192,000 square feet of residential space.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $67,000,000
• Lender: Berkadia
• Landlord: Sydne Garchik - MRK Partners
• Brokers: Tim Leonhard & Melissa Koppel - Berkadia
• Loan Type: Construction to Permanent

Key individuals involved in this transaction are Sydne Garchik representing MRK Partners, who secured the financing, while the financing arrangement was facilitated by Tim Leonhard and Melissa Koppel at Berkadia. The redeveloped project aims to cater to households earning between 30% to 50% of the area median income.