Premier Developers Snags $65M for FL Condo
- May 05, 2017
Premier Developers has obtained a $65 million construction loan to finance completion of its Riva condominium development in Fort Lauderdale. Construction is about two-thirds complete (the building topped out last month) and is expected to finish in September.
The property is at 1180 N. Federal Highway, across from George English Park on a two-acre waterfront site on the Middle River. Riva is currently 55 percent presold, largely to local buyers from Broward County and other domestic purchasers, according to the developer.
Of the property’s 100 units, 40 will have water views, while 32 will have views of downtown Fort Lauderdale, and 28 will offer both. Floorplans range in size from 1,538 square feet to 8,788 square feet. Riva also has a ground-floor commercial unit totaling 8,000 square feet that’s expected to be sold for retail or restaurant use.
The development will include a 40,000 square foot club deck on the fourth floor overlooking the river and incorporating several amenities, including a fitness center, club room, kitchen, private wine lockers, dog park and full-size lap pool. Twenty-two of the residential units will be sold with boat slips. Additional amenities include concierge and valet services.
Madison Realty Capital, an institutionally backed real estate investment firm specializing in real estate equity and debt investments in the middle markets, provided the loan.
“The property’s sales performance indicates success in attracting local buyers,” said Josh Zegen, co-founder and managing principal of MRC. “In a market where many condominiums are reliant on cross-border customers, the ability to tap into a domestic customer base made Riva a more attractive financing prospect.”