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300 SW 1st Ave, Fort Lauder...

Updated Oct 29, 2024

Broad Street Real Estate Credit Partners Provides $153.9M Loan For Fort Lauderdale Office
FINANCEDOffice

Broad Street Real Estate Credit Partners Provides $153.9M Loan For Fort Lauderdale Office

300 SW 1st Ave, Fort Lauderdale, FL...

$153,900,000

Building Size

—

Asset Type

Office

Closing

Jul 12, 2012

About this deal

AI

The redevelopment of the Las Olas Riverfront in Fort Lauderdale, Florida, secured a $153.9 million construction loan. The loan, provided by Broad Street Real Estate Credit Partners, facilitated the first phase of the mixed-use project led by New York-based Property Markets Group. The project involves the construction of a 36-story tower with 600 micro units and multi-bedroom suites along with shared amenities and waterfront public spaces.

Summary of transation details:

Walker & Dunlop, along with SRF Ventures, played a key role in arranging the financing for the Las Olas Riverfront redevelopment project. Eric McGlynn, Kevin O’Grady, Daniel Sheehan, and Steven Fischler were involved in the financial arrangements. Additionally, the legal representation for the developer was handled by Lori Hartglass, Rebecca Sarelson, and Anthony Kang of Arnstein & Lehr LLP.

On the Map

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$153,900,000

Office

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Players

Luis Flores

Saul Ewing Arnstein & Lehr

Broker

$620.4M

vol

6 deals

Broker
BP
Broad Street Real Estate Credit PartnersLender
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Fort Lauderdale Office Market Snapshot

Boundary boundary · Office · Loan transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.10%

Cash-on-Cash

-0.03%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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