A joint venture between OKO Group and Cain International has secured $97.2 million in construction financing for One River, a new downtown Fort Lauderdale, Fla., luxury multifamily tower. The financing funding the construction of the 34-story tower encompasses two loans. The first is a senior construction loan provided by Bank OZK. The second is a mezzanine construction loan furnished by JVP Management.
To be located at 629 SE 5th Ave., One River will feature 251 apartments, as well as 2,600 square feet of ground floor retail space. The tower was designed by well-known architecture firm Adrian Smith + Gordon Gill. The firm’s portfolio includes some of the world’s tallest landmark towers. Vertical construction is slated to commence this summer. Delivery is anticipated in September 2024.
One River will feature floorplans ranging from studio units to three-bedroom homes. They will range in size from 607 to 1,511 square feet. Among features of the residences will be high-end appliances and large balconies offering unobstructed eastern views. The property will provide more than 13,000 square feet of amenities, including a fitness room featuring yoga, spinning and Pilates rooms.
The development is the latest South Florida partnership for OKO Group and Cain International. Other projects currently under construction include Missoni Baia, a luxury condominium in Edgewater; Una Residences, an ultra-luxury condominium on the Brickell waterfront in Miami; and the 830 Brickell Class A-plus office tower in the Brickell Financial District. Working on behalf of the joint venture development team, Keith Kurland of Walker & Dunlop arranged the financing. Two months ago, Moderno Development Group obtained a $102 million construction loan to build a luxury multifamily development in the central business district of Fort Lauderdale.