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Bank Of Montreal Provides $80 Million Loan For Development Site In Fort Lauderdale Landlord Jeff Burns

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FINANCED
$80,000,000

Florida

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Development Site
Financed 03/19/2025
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FINANCED

Bank Of Montreal Provides $80 Million Loan For Development Site In Fort Lauderdale Landlord Jeff Burns

2125 South Andrews Avenue

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Development Site
Financed 03/19/2025
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:Development Site
Transaction Type:Loan

The asset involved in this transaction is a development site located at 2125 South Andrews Avenue in Fort Lauderdale. The loan amount for this property is $80,000,000.00, secured from the Bank of Montreal (BOM).

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $80,000,000.00
  • Market: Fort Lauderdale
  • Lender: Bank of Montreal (BOM)
  • Landlord: Jeff Burns & Nick Rojo - Affiliated Development

This deal highlights the collaboration between Jeff Burns, representing Affiliated Development, and the Bank of Montreal as the lender, facilitating the financing for this development site acquisition.

Players

Bank of Montreal (BOM)
Bank of Montreal (BOM)
LENDER
BM
Bank of Montreal
LENDER
AD
Affiliated Development
LANDLORD

Details

FINANCED
IMAGE: Jeff Burns DATE: 03/19/2025 ADDRESS: 2125 South Andrews Avenue MARKET: Fort Lauderdale ASSET TYPE: Development Site LENDER: Bank of Montreal (BOM) (@BMO_US) LANDLORD: Jeff Burns & Nick Rojo - Affiliated Development LOAN AMOUNT: $80,000,000 NOTE: Affiliated Development secured $80M in financing and broke ground on The Era, a 400-unit multifamily project in Fort Lauderdale with 210 workforce housing units. The project received property tax reimbursements from the city and Broward County, plus funding from Bank of Montreal and private investors.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$80,000,000.00

Monthly NOI$533,333.33
Monthly Debt Service$505,654.42
Change in Cash Flow$0.00
Refinance Proceeds$0.00