Richard LeFrak Of LeFrak Organization Acquires Multifamily Tower In Fort Lauderdale For $180M

The property involved in this transaction is a multifamily tower located at 401 Southwest 1st Avenue in Fort Lauderdale, covering an area of 1.41 acres. It comprises 337 units and was acquired for a total price of $180,000,000, equating to a price per unit of $534,125. Northwestern Mutual Life Insurance provided a loan of $100,000,000, which is structured over a 10-year period, with restrictions preventing condo conversion until 2033.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $180,000,000
• Units: 337
• Price Per Unit: $534,125
• Buyer: Richard LeFrak - LeFrak Organization
• Seller: Jon Paul Pérez - Related Group; Josh Rabina - Rabina Properties
• Lender: Northwestern Mutual Life Insurance

The transaction involved Richard LeFrak representing the LeFrak Organization, who acquired the asset from a partnership between Jon Paul Pérez, representing Related Group, and Josh Rabina, representing Rabina Properties. The financing arrangement was provided by Northwestern Mutual Life Insurance Co.