Concord Summit Capital, LLC (“Concord Summit”) arranged a $76.5 million (75% LTC) construction loan in Dania Beach – a growing coastal city just south of Fort Lauderdale, Florida. Managing Director Kevin O’Grady of Concord Summit’s Miami office was advisor and sourced the financing.
The loan from 3650 REIT will finance the construction of the Elevate Apartments, an eight-story, 293-unit luxury apartment community located at 600 East Dania Beach Boulevard being developed by Royal Palm Companies. The Royal Palm Companies is one of the leading developers in the state of Florida with a major presence in other national and international markets.
The Elevate Apartments are situated just 1.5 miles from the beach and is surrounded by nature preserves on three sides that create spectacular views for residents. The location makes it a convenient commute to employment centers in the downtown areas of Fort Lauderdale and Miami. The community is close to a new 100-acre mixed use development in Dania Beach that will be home to thousands of new jobs.
The Elevate will have studio, one-, two-, and three-bedroom units averaging 820 square feet in size. Amenities include a pool deck, fitness center and storage space for water sports equipment.
The project is under construction and is expected to be completed in Q3 2023.
“Royal Palms is a dynamic and talented development company that we are proud to provide capital markets services to,” said O’Grady. “This is our second loan closed with them this year and we hope to provide many more.”