OceanLand Investments Secures $96M to Build Luxe Condos In Fort Lauderdale
By Julia Echikson November 4, 2024 3:52 pm
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OceanLand Investments secured a $96 million construction loan package to build a riverfront condominium near Downtown Fort Lauderdale.
The debt from Tannenbaum Capital Group Real Estate and Invictus Real Estate Partners covers Sixth & Rio, a 94-unit luxury condo development at 501 SE Sixth Avenue, along the New River, facing South Federal Highway, just south of Las Olas Boulevard.
Southern Realty Trust (SRT), a fund affiliated with Tannenbaum, provided $60 million. The remaining $36 million was syndicated by two lenders, Sunrise Realty Trust — another entity affiliated with Tannenbaum that’s listed on Nasdaq — and New York-based Invictus Real Estate.
Brian Gaswirth and Paul Adams of JLL brokered the debt. Construction, which started last year, is expected to be completed in 2026. Condo prices range from $900,000 to more than $3 million.
In 2021, OceanLand Investments, led by Jean Francois Roy, purchased the site for $11.3 million from Trammell Crow Residential, which had terminated the 31-unit condo building that previously stood on the site, according to property records.
“Downtown Fort Lauderdale’s limited condo inventory and strong demand make this an ideal investment for us,” Brian Sedrish, CEO of SRT, said in a statement.
Other developers making inroads in and around Downtown Fort Lauderdale with high-end residential projects, include Miami-based Harvey Hernandez’s Newgard Development Group, which paid $31 million for a 1-acre site near the city’s Brightline station, as well as OKO Group and Cain International, which are building a 34-story development called One River.
Julia Echikson can be reached at jechikson@commercialobserver.com.
