Fort Lauderdale is one step closer to getting micro apartments.
New York-based Property Markets Group announced that it closed on a $153.9 million construction for the redevelopment of the Las Olas Riverfront in Fort Lauderdale.
A Goldman Sachs credit fund, Broad Street Real Estate, provided the financing for the first phase of the mixed-use project. It closed on Tuesday, Luis Flores of Arnstein & Lehr LLP told The Real Deal.
While condo construction financing has become increasingly difficult to secure, Flores said this loan is a good example of the “change in flavor for the type of product that construction lenders are attracted to.”
PMG’s newly launched multifamily division, PMGx, plans to build two apartment towers with 1,200 units on the riverfront site. The first phase will include a 36-story tower with 600 micro units and multi-bedroom suites, more than 100,000 square feet of shared amenities, and a waterfront public plaza on the ground floors with restaurants and entertainment.
PMG knocked down the Las Olas Riverfront mall earlier this year and is expected to break ground on the first phase this fall with a delivery date of 2020.
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