Prime Group Snags $150M Refi for Flagler Village Hotel Development
By Julia Echikson June 15, 2023 5:39 pm
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Prime Group nabbed $45 million in additional financing to refinance a newly completed mixed-use complex in the Flagler Village neighborhood of Fort Lauderdale, Fla., property records show.
Dubbed Quantum at Flagler Village, the development at 701 N. Federal Highway includes a 137-room Courtyard by Marriott hotel, about 300 rental units, a seven-level parking garage, and ground-floor retail.
The financing from Forethought Life Insurance Company ups a previous $105 million mortgage from the same lender by $45 million, bringing the total financing to $150 million.
The Hollywood-based Prime Group acquired the site in 2014, paying just over $9 million, according to records. In 2019, it secured $105 million in construction financing, with $70 million coming from HSBC and the rest from Bank Hapoalim, according to the mortgage documents.
The Iowa-based Forethought Life Insurance Company assumed the loan after the Quantum complex was completed last year.
A representative for Prime Group did not immediately respond to a request for comment.
Flagler Village, a district dotted with repurposed industrial warehouses, has seen a rush of development in recent years but hasn’t quite yet transformed into the retail mecca its developers are hoping for.
Hines, one of the country’s largest developers, paid $57.4 million in 2019 for a development site in Flagler Village to build an office building. Late last year, Related Group landed a $57 million construction loan for an affordable housing project. Lower-profile developers Midtown Capital Partners and Prospect Real Estate Group have 425 units in the pipeline in the district.
Julia Echikson can be reached at jechikson@commercialobserver.com.
