Updated Oct 21, 2026
John Flynn And Salvador F. Leccese Of LeCesse Development Corp Acquire 4.3 Acre Development Site For $18M
299 North Federal Highway
$18,000,000
Units
237
Asset Type
Development Site
Closing
Oct 20, 2026
About this deal
AI
A 4.3-acre development site located at 201-299 North Federal Highway in Fort Lauderdale, FL, has been sold for $18 million. The property is intended for a 237-unit apartment development featuring five-story buildings and includes plans for 452 parking spaces, following rezoning plans that were filed in 2024.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $18,000,000
- Buyer: John Flynn & Salvador F. Leccese - LeCesse Development Corp
- Seller: Arthur Slaven - Centrum Partners
- Lender: CIBC Bank
- Mortgage Amount: $11,300,000
The transaction involved John Flynn and Salvador F. Leccese representing LeCesse Development Corp as the buyers, while Arthur Slaven represented Centrum Partners as the seller. CIBC Bank USA provided financing for the transaction, facilitating the acquisition of the site intended for the apartment development.
On the Map
$18,000,000
Development Site
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Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.88%
Cash-on-Cash
-0.25%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93