South FL Condo Project Lands $17M Loan

The proceeds of the mortgage will finance construction of the luxury community. Site work is underway, with the property scheduled to open by the end of 2018.
30 Thirty North Ocean in Fort Lauderdale, Fla.

Cavache Properties has taken a $17 million mortgage from Trez Forman Capital Group to finance the construction of a 24-unit luxury condo development in Fort Lauderdale, Fla. Site work for the property, known as 30 Thirty North Ocean, is already underway, with the buildings slated for completion in the fourth quarter of this year.

Located at 3030 N. Ocean Blvd. in Fort Lauderdale’s East submarket, the development site is situated on a 1.1-acre parcel three blocks from the beach and four miles from Interstate 95. Numerous dining and shopping options sit in the immediate area. Cavache acquired the project site in early 2016 for $3.3 million, according to public records.

The property’s condominiums are all two-story, three-bedroom units, containing between 2,097 and 2,373 square feet. Each condo includes private elevator access, balconies attached to each bedroom and two parking spaces. Community amenities include a fitness center, sauna, heated swimming pool, spa and a barbecue area.

Image courtesy of Cavache Properties