Related, Rabina JV Locks in Construction Financing
- Dec 27, 2019
A joint venture between the Related Group and Rabina Properties has secured an additional loan for its New River Yacht Club III project in Downtown Fort Lauderdale. SunTrust Commercial Real Estate, now Truist, arranged the $47.9 million construction financing. The SunTrust-led syndicate includes City National Bank.
The company, forged from the merger of BB&T and SunTrust, was most recently instrumental in arranging a Fannie Mae loan for the acquisition of a Dallas property.
The New River Yacht Club III is a Class A high-rise project that will include 230 residences. Construction on the development is expected to commence next month. Completion is scheduled for second quarter, 2021. The project is currently awaiting city approvals, permits or final plans.
The development will feature studio, one-, two- and three-bedroom residences, as well as an upscale amenity package. Amenities will include a fifth-floor resort-inspired pool, 1,900-square-foot fitness facility and residents-only coworking spaces. The south edge of the building will feature a 2,400-square-foot ground-floor restaurant and retail space.
Serving as the lead on the transaction was Rebecca M. Cox, senior vice president at SunTrust Commercial Real Estate.
This is the third development in the three-phase New River Yacht Club project. The first of the New River Yacht Club developments to be built was a 249-unit apartment community completed in 2015 at 400 SW First Ave. The 26-story building features studio through three-bedroom apartments and is currently 90.8 percent occupied. A second, yet-to-be-built development is planned to rise 36 stories and feature 349 units. The start of construction on that project is slated for March 2020.
The site of a recent building boom that has brought many high-rise buildings to the district, downtown Fort Lauderdale is the setting for a number of attractions, including the Museum of Discovery and Science and the historic Stranahan House, the oldest surviving building in Broward County. Broward Center for the Performing Arts is also situated downtown.