Fort Lauderdale Downtown Development Authority (DDA) Secures $8.75M Construction Loan From Synovus Bank For Huizenga Park Improvement

The Fort Lauderdale Downtown Development Authority (DDA) has secured an $8.75 million construction loan from Synovus Bank for the improvement of Huizenga Park, located at 32 East Las Olas Boulevard in Fort Lauderdale. The loan will support the $15 million project, which includes the addition of a new restaurant called Sweetwaters. The project is set to commence this year and is expected to conclude in 2025. Funding for the project will come from various sources, including a city loan, state grant, donations, and a long-term restaurant lease.

Summary of transaction details

• Property Type: Retail
• Transaction Amount: $8,750,000
• Address: 32 East Las Olas Boulevard, Fort Lauderdale
• Market: Fort Lauderdale
• Asset Type: Retail
• Square Footage: 12,688
• Lender: Synovus Bank
• Landlord: Jenni Morejon - The Fort Lauderdale Downtown Development Authority (DDA)
• Loan Type: Construction Loan

The construction loan was secured from Synovus Bank, while the landlord for the property is Jenni Morejon, who represents The Fort Lauderdale Downtown Development Authority (DDA). The loan will be utilized for the improvement of Huizenga Park, including the addition of Sweetwaters, a new restaurant. The project's funding is sourced from a city loan, state grant, donations, and a long-term restaurant lease. The development is anticipated to commence this year and is expected to conclude in 2025.