Cymbal Development Scores $60M Loan for Florida Project
- Dec 16, 2020
Cymbal Development has secured a $60.3 million non-resource construction loan for Oasis Pointe, a ground-up development in Dania Beach, Fla. The eight-story, luxury mixed-use property, to be constructed at 150 S. Bryan Road, will be a Class A waterfront rental community with 301 units, structured parking and 19-slip boat club.
Arranged by Aztec Group Inc. and originated by 3650 REIT, the non-recourse financing package includes a fixed interest rate throughout the 42-month loan term and an 80 percent loan-to-cost ratio.
“This sponsor needed a lender who was willing to see past the short-term displacement of local employment drivers like Fort Lauderdale Airport and Port Everglades, and who understood the long-term potential of the region,” 3650 REIT Co-Founder & Managing Partner Jonathan Roth told Multi-Housing News.
Oasis Pointe will transform an old 2.4-acre industrial property at the northeast corner of Stirling Road and S. Bryan Road into a modern waterfront multifamily development. The new community was planned and permitted earlier this year, and will rise adjacent to the mixed-use Dania Pointe project featuring multiple hotels and retail and lifestyle amenities.
Responding to the pandemic era, Oasis Pointe will feature fresh air intake throughout the property. It will also offer an ionization system to sterilize and purify air. Topping the list of common-area amenities will be meditation and butterfly gardens. Managing Director Michael Fleischer and Vice President Will Pierce helmed the transaction for 3650 REIT. Aztec’s Jason Shapiro, Charles Penan and Joel Zusman arranged the loan. In September Aztec Group President Peter Mekras opined on COVID-era hurdles facing landlords.