October 14, 2020
Boutique lender Electra Capital has provided a $92 million bridge loan for Four West Las Olas, a 250-unit, apartment tower in downtown Fort Lauderdale. The loan replaces an existing construction loan for the property, which is currently 58% leased.
The 25-story apartment tower is located at 4 West Las Olas Blvd. and features studio, one-, two-, and three-bedroom floor plans as well as penthouses. Apartments feature quartz countertops, stainless steel appliances, full size washer/dryers, private balconies and views of the Atlantic Ocean and New River. Amenities include a billiards lounge with player piano, rooftop pool, sky club room, fitness center, coffee bar, business center and garage parking.
Denny St. Romain of Cushman & Wakefield arranged the financing on behalf of the borrower, Elevate Partners. Electra Capital brought in non-traded mortgage REIT Benefit Street Partners Realty Trust, to provide the senior mortgage of $76 million, while Electra Capital retained a $16 million mezzanine loan.
For comments, questions or concerns, please contact David Cohen