Kolter Lands $240M Construction Loan for Oceanfront Fort Lauderdale Condos
By Julia Echikson December 22, 2022 3:46 pm
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Kolter Group scored a $240 million construction loan to build an oceanfront luxury condo complex in Fort Lauderdale in a sign of the strength of South Florida’s financing market despite this year’s interest rate hikes.
The development, called Selene Oceanfront Residences, will feature two 26-story towers, totaling 194 units and 5,400 square feet of restaurant space at the base. The Delray Beach-based developer paid $25 million in 2017 for the site at 3000 Alhambra Street, located on a barrier island less than a mile from Las Olas Boulevard, Fort Lauderdale’s main retail corridor.
Wells Fargo (WFC), acting as administrative agent for a group of lenders, assumed an existing $17.4 million loan and upped it by $222.6 million, bringing the financing’s total to $240 million, according to mortgage documents.
Construction for the Kobi Karp-designed project got underway this week and is slated to end toward the end of 2024, according to a spokesperson for Kolter.
Sales for the units, most of which are two- and three-bedroom residences, began in April. Just over 70 percent have pre-sold with asking prices ranging between $900,000 and $4 million and the remaining inventory starting at $2.7 million. Douglas Elliman is handling the sales.
The loan ranks among one of the larger construction loans in South Florida in recent years. Topping Kolter is Dan Kodsi’s Royal Palm Companies, which nabbed $270 million earlier this year to build a waterfront condo in West Palm Beach and $340 million late last year for a condo tower at Miami Worldcenter.
Julia Echikson can be reached at jechikson@commercialobserver.com.
