Bank of America is the lead bank in the syndicated loan. Tom Streit, a shareholder in the West Palm Beach, FL, office of the law firm Akerman Senterfitt, represented Bank of America in the deal. The Florida law firm negotiated the loan terms, prepared the loan documents and reviewed the due diligence process. The three-year loan takes the place of a smaller loan that was arranged to purchase the site and start marketing the development.
"This loan is evidence of the strong trend of luxury residential condominium development in Broward and Palm Beach counties," Streit says.
Suffolk Construction is the general contractor building the project. The project's developer is a partnership led by Altman Development Corp., a luxury multifamily developer and manager established in 1968. The Altman Cos. has acquired and developed more than 13,000 residences.
Symphony Towers will consist of two 22-story towers, a seven-story parking garage and a large common area. Suffolk, which plans to build both towers at the same time, estimates they will be completed in 24 months. The development will be located at 600 W. Las Olas Blvd. Downtown on a 2.5-acre site on the New River, near the Broward Center for the Performing Arts.
The project's units range from one-bedroom with a den and two bathrooms to three-bedroom, 2.5-bathroom units. Premier Sales Group Inc. is the exclusive sales and marketing firm for The Symphony. The developer has been pre-selling the units for many years.
Each residence has at least one terrace, as well as luxury finishes such as marble, granite and stainless steel. The development's amenities will include a library, a private theater, a business center, conference rooms, a billiards room and a private health club with a spa. In addition, condo owners can buy boat slips on the development's private marina on the New River.
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