Maxim Capital, BH3 Lend $74M on South Florida Condos Development
By Andrew Coen September 30, 2024 2:20 pm
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New Jersey developer U.S. Development has secured $73.8 million of construction financing to build a condominium project in Florida’s Broward County, Commercial Observer has learned.
Maxim Capital Group and BH3 Management provided the loan facility for the planned 40-unit Salato Pompano Beach condo development in Pompano Beach, Fla. U.S. Development has sold 40 percent of the residences and is slated to complete the project by 2026, according to the Jersey City-based developer.
Ackman-Ziff’s Jason Krane arranged the transaction.
Located at 305 Briny Avenue, the condos designed by Randall Stofft Architects will range from from 2,106 to 3,354 square feet. Property amenities include a pool, a poolside lounge, a spa, dry saunas, a massage room, a fitness center and event space outfitted with a private catering kitchen.
Prices for the Salato Pompano Beach condos start at $2 million, according to U.S. Development.
“This significant milestone is a testament to our belief that luxury buyers in Pompano Beach desire a boutique alternative,” Dustin Salzano, chief financial offier of U.S. Development, said in a statement.
John Farina, CEO of U.S. Development, added that it’s ideal to start construction near the start of the winter-to-April period, considered a peak time for South Florida luxury condo sales.
Officials at Maxim Capital Group did not immediately return a request for comment
Andrew Coen can be reached at acoen@commercialobserver.com
