Updated Mar 17, 2025
Howard Taft Of Aztec Group Secures $87 Million Loan For Elevate Apartments In Dania Beach
600 East Dania Beach Boulevard
$87,000,000
Units
293
Asset Type
MultiFamily
Closing
Mar 16, 2025
About this deal
AI
The transaction involved Elevate Apartments, a multifamily property featuring 293 units situated on a 4-acre site at 600 East Dania Beach Boulevard in Dania Beach. The project, developed by Royal Palm Companies, is an 8-story building that includes units ranging from studios to three-bedroom apartments. A loan amounting to $87 million was secured for financing purposes.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $87,000,000
- Units: 293
- Acres: 4
- Landlord: Dan Kodsi - Royal Palm Companies
- Broker: Howard Taft - Aztec Group
- Market: Dania Beach
Howard Taft from Aztec Group represented the interests of the lender, facilitating the bridge financing provided by a Dallas-based debt fund for the newly completed multifamily project. The financial support is aimed at bolstering the operational readiness of the property developed by Royal Palm Companies.
On the Map
$87,000,000
MultiFamily
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Dania MultiFamily Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.18%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93