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Triad Housing Partners Gets $110M for Condo Project

HALLANDALE, FL-The Hollywood-based developer changed its original plans for rental apartments and received the construction and mezzanine financing for Duo, a condominium project to consist of 398 units in two 25-story towers here.

By Melissa Bogdany | Updated on September 10, 2004

HALLANDALE, FL-Triad Housing Partners has obtained almost $110.5 million in financing for Duo, the luxury condominium project consisting of two 25-story towers that it plans to develop here.Kevin M. O’Grady, director of LJ Melody & Co., CB Richard Ellis’ real estate banking arm, and Daniel R. Sheehan, vice president with the company, both in the South Florida office, arranged the financing for Triad. The developer obtained a $95.2-million construction loan and a nearly $15.3-million mezzanine loan.The debt financing terms include a senior construction from an out-of-state investment bank that levered Duo to 85% of the capital structure, and an institutional mezzanine lender advancing 90% of the equity tranche that remained.Project plans call for the towers each to contain 199 units for a total of 398 units to be developed adjacent to the Diplomat Golf & Country Club to the north and the Diplomat Mall to the south. Originally, the project was marketed as rental apartments in the first quarter of last year; but Triad altered its plans to satisfy the City of Hallandale, which concluded that for-sale housing would benefit the community more. The project will have views of the Atlantic Ocean.Triad Housing Partners, based in Hollywood, specializes in the development of apartments. Its other projects include Colonial Park, an approximately $14-million project with 160 units in Margate; and the Meridian, an approximately $15-million project also with 160 units in Hollywood.

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