Cymbal DLT Secures $95M for South Florida Refi
The debt is backing the newly built waterfront Oasis Pointe Residences in Dania Beach, Fla.
Cymbal DLT Cos. has refinanced its 301-unit Oasis Pointe Residences, a newly built waterfront multifamily complex in Dania Beach, Fla., with a $95 million loan from Kookmin Bank and Related Fund Management.
The new financing enabled Cymbal DLT, a Miami-based real estate development and construction firm, to pay off its $60.3 million construction loan, which was originated by 3650 REIT in December 2020. The company also distributed a more-than-130 percent return to their equity investors and expects that return to continue growing with ongoing cash flow.
Hector Torres, Cymbal DLT’s CEO, said in a prepared statement that the company’s focus on best in class properties has allowed it to mitigate risk and thrive during turbulent times. The company has a development and construction pipeline of more than $2 billion.
In addition to Torres, those working on the transaction from Cymbal DLT included Chairman Asi Cymbal, Jacob Nunez and Jake Fleischer. Patrick Martin from Related and Will Cha from Kookmin Bank also worked on the deal.
Cymbal DLT’s private financier, Christian Uriarte, and Guatham Atreya of Cymbal DLT secured the loan. John Hotte of Krinzman Huss Lubetsky Feldman & Hotte was legal counsel for Cymbal DLT.
The 2.4-acre property opened eight months ago and is 97 percent leased. It is the area’s first waterfront apartment building. The eight-story building has a mix of studios, one-, two and three-bedroom luxury apartments with open floor plans and modern features. The property’s indoor and outdoor living spaces were designed in response to post-pandemic demands for better natural ventilation, lighting and fresh air quality. Amenities were chosen to enhance the mental and physical well-being of residents.
Community amenities include a meditation garden, a waterfront boardwalk with 19-slip marina, a Zoom lounge with private office suites and workstations, as well as an outdoor lap pool, a fire pit with outdoor BBQ and picnic areas, an open-air fitness center and yoga studio, an indoor lounge and game room and a dog park.
The property is located near Interstates 95 and 595 and is close to the Fort Lauderdale-Hollywood International Airport, Port Everglades Cruise Port and the corporate headquarters of Spirit Airlines and Chewy. It is adjacent to Dania Pointe, a mixed-use development that features premier shopping and dining options, commercial spaces and a dual-branded hotel.