Apollo Companies, Liberty Base Land $31M to Build More Apartments in South Florida

Apollo Companies and Liberty Base Investments obtained a $31 million construction loan for the second phase of a multifamily development in Dania Beach, Fla., property records show.

Located at 102 Southwest First Street, just west of South Federal Highway and one mile south of Fort Lauderdale-Hollywood International Airport, the 12-story development will include 102 rentals and 2,800 square feet of retail space on the ground floor. The second and third stories of the 101 Dania Beach project will house a 36,500-square-foot gym that will be made available for retail leasing.

Israel Discount Bank of New York provided $15.95 million, while Banesco provided the rest, according to mortgage documents. The joint venture acquired the half-acre site for $3 million in January. 

The partnership began construction on the first phase — a 13-story building with 278 apartments and 449 parking spaces — two years ago, and secured a $55 million construction loan last year, also from Israel Discount Bank of New York.

A pedestrian bridge will connect the two buildings in the two-phase development. The building in the first phase will house amenities for both buildings, including a gym and rooftop pool. Representatives for the developers did not immediately respond to requests for comment. 

Julia Echikson can be reached at jechikson@commercialobserver.com.