Apollo Lands $56M Construction Loan for Mixed-use Development in Dania Beach
By Julia Echikson February 2, 2024 2:26 pm
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The Apollo Companies secured a $55.6 million construction loan from the New York branch of the Israel Discount Bank for a mixed-use development in Dania Beach, property records show.
Called 101 Dania Beach Apartments, the development is set to feature two 13-story buildings connected by a skybridge, between 101 Monroe Udell Street and 127 SW First Court, just north of Stirling Road.
In total, the project will house 380 apartments, 23,000 square feet of office space and 4,800 square feet of ground-floor retail, according to the Aventura developer’s website. Construction got underway this week.
The Apollo Companies, led by CEO Edward Abbo, assembled the site between 2021 and 2023, paying $3.8 million, according to property records.
Apollo is an active multifamily developer in South Florida. Last year, the firm was the first to propose a multifamily development in Doral using the Live Local Act, a Florida law that provides developers with added density in return for designating a portion of units as affordable housing.
In response, the Doral municipal government instituted a six-month moratorium on new developments. In October, town officials and Apollo Companies reached a deal, lifting the moratorium. Apollo Companies agreed to shorten the 12-story development to eight stories.
A representative for Apollo Companies did not immediately respond to a request for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
