Cardone Capital Secures $277.5M Loan For Las Olas Properties In Fort Lauderdale

The property involved in the transaction is a multifamily asset located at 4 W Las Olas BLVD in Fort Lauderdale. The loan amount for the acquisition was $103,500,000.00. The multifamily building consists of a 26-story structure with 260 units offering various studio, one-, two-, and three-bedroom floor plans. Amenities include a rooftop pool, sky clubroom, outdoor BBQ area, fitness center, yoga studio, dog park, pet space, garage parking, business center, coffee bar, and a billiards speakeasy lounge.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $103,500,000.00
• Address: 4 W Las Olas BLVD, Fort Lauderdale
• Market: Fort Lauderdale
• Borrower's Rep: Purvesh Gosalia (Newmark)
• Lender: Square Mile Capital Management

Purvesh Gosalia of Newmark acted as the borrower's representative in securing the $103.5 million loan from Square Mile Capital Management for the acquisition of the property located in Fort Lauderdale. The lender, Square Mile Capital Management, a New York-based entity, provided the required acquisition funds for the purchase. The transaction involved unique individuals and companies, including the buyer, Cardone Capital, and the developers/sellers of Las Olas Walk and 4 West Las Olas - ZOM Living, NCC Development, and Elevate Partners.