Grant Cardone Lands $64M Loan on Fort Lauderdale Apartments
In another deal by celebrity real estate investor Grant Cardone, a Fort Lauderdale apartment complex has a new owner, a fresh name and a new loan.
Cardone Capital acquired the 310-unit Bask in Harbor Park apartments and rebranded it as 10X Living at Fort Lauderdale, the Aventura-based firm said in a statement.
New York Community Bank issued a $63.5 million loan, according to a mortgage filed in Broward County. The seven-year loan features full-term, interest-only payments, according to information from Meridian Capital Group, which arranged the financing.
“Meridian was able to leverage our unique relationship with the lender to structure competitive terms despite various challenges regarding leasing and COVID,” said Israel Schubert, senior managing director at Meridian, in prepared remarks.
In a tweet, Cardone called the deal “another monster closed for our investors.”
The recently built project is at 1919 SE 10th Avenue, near the 17th Street Causeway. The eight-story property was purchased by Cardone Equity Fund XI, which lets accredited investors participate in institutional real estate deals through crowdfunding.
Robert Given of Cushman and Wakefield represented the seller, who developed the property in 2018.
The project’s one- and two-bedroom units average 1,074 square feet. Apartments feature kitchen islands, quartz countertops, 12-foot ceilings, walk-in closets and full-size washers and dryers. Community spaces include a yoga studio, fitness center, pet spa, and a parking garage with electric vehicle charging stations.
Cardone Capital didn’t disclose the purchase price, and no deed was readily available. The company now owns nearly 9,000 units in Florida, Texas, Alabama, Georgia and Maryland.
Cardone Capital says it has raised $532 million through its crowdfunding model. Founder Grant Cardone is an author of “The 10X Rule” and a speaker, who is one of three entrepreneurs starring in the current season of Discovery Channel’s “Undercover Billionaire” series.