Cardone Capital Secures $277.5M Acquisition Loans For Two Fort Lauderdale Multifamily Properties

Located at 106 S Federal Hwy, Fort Lauderdale, the multifamily property features 456 units across eight stories, offering studio, one-, two-, and three-bedroom floor plans. Community amenities include a fitness center, infinity edge pool, pet spa, and coworking spaces. The property is in proximity to local attractions such as Morton’s The Steakhouse and the NSU Art Museum Fort Lauderdale. The loan amount for this transaction is $174,000,000.00.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $174,000,000.00
• Market: Fort Lauderdale
• Borrower's Representative: Purvesh Gosalia - Newmark
• Lender: Square Mile Capital Management
• Additional Properties: Las Olas Walk and 4 West Las Olas
• Development: Orlando-based ZOM Living for Las Olas Walk, NCC Development and Elevate Partners for 4 West Las Olas

Purvesh Gosalia of Newmark arranged the acquisition loans on behalf of Cardone Capital, located in Aventura, Fla. The loans were part of a larger financing package totaling $277.5 million, which included an additional $103.5 million for another property. Both Las Olas Walk and 4 West Las Olas were developed and sold in 2020.