FORT LAUDERDALE, FL—Cavache Properties LLC reports it has secured a $17-million construction loan as well as an additional $6 million in equity for its luxury condo development project in Lauderdale Beach here.
Trez Forman Capital Group of Boynton Beach, FL provided the construction loan for Cavache Properties' 30 Thirty North Ocean condominium project. Cavache Properties, based in Pompano Beach, FL, reports that prior to securing the construction loan, Roberts Equities LLC of Boca Raton, FL invested $6 million of equity into the project. Construction on the project is scheduled to be completed in the first quarter of 2019.
“Securing this financing reflects the appeal of 30 Thirty by commercial lending institutions eager to invest in a project with an exceptional Fort Lauderdale Beach location, world-class design that has already yielded amazing pre-construction sales,” said Adam Adache, managing partner of Cavache Properties LLC.
Brett Forman, CEO of Trez Forman Capital, notes that the Fort Lauderdale beach's residential market fundamentals continue to show great strength and added that 30 Thirty's proximity to the beach, business corridor, and main highways, along with Cavache Properties' successful track-record “creates a compelling opportunity. We are excited to be involved in this magnetic condominium project.”
The 24-unit luxury condominium will feature summer kitchens on the lower levels units, private elevators and high-end finishes. The project offers six three-bedroom, three-and-one-half bath floor plans ranging in size from 2,100 square feet to 2,400 square feet. The units are priced from $1.2 million to $1.55 million.
The project's amenities will include a heated resort-style swimming pool, whirlpool spa sauna, and a fully equipped clubhouse with fitness center, owners' kitchen and bar. Outside the clubhouse will be a gazebo barbecue area and sundeck. 30 Thirty North Ocean owners will enjoy full membership privileges to the acclaimed, The Club at Harbor Beach Marriott Resort & Spa.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
