South Florida development and construction company Cymbal Development has secured $60 million in construction financing to start work on a luxury mixed-use property at Dania Beach. The loan for the project, which will be called Oasis Pointe, was arranged by the Aztec Group and originated by 3650 REIT.
The non-recourse financing package includes a fixed interest rate throughout the 42-month loan term and an 80% loan-to-cost ratio.
Located at 150 S. Bryan Rd., the eight-story Oasis Pointe will be a waterfront rental apartment community consisting of 301 units, structured parking and a 19-slip boat club. The property sits on a 2.42-acre waterfront parcel next to the mixed-use Dania Pointe project. Planned and permitted earlier this year, Oasis Pointe boasts of safety features as well as a waterfront boardwalk, meditation and butterfly gardens, a luxurious lap pool and curated art.
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This property will help meet local demand for high-quality housing at an attainable price, which is in high demand proximate to the $1.0 billion Dania Pointe development and major regional employers Port Everglades and Fort Lauderdale International Airport," said 3650 REIT co-founder Jonathan Roth in prepared remarks.
Michael Fleischer and Will Pierce lead the transaction for 3650 REIT. Jason Shapiro, Charles Penan and Joel Zusman of Aztec arranged the loan.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
