Cymbal DLT Refis Dania Beach Rental With $95M
By Julia Echikson May 18, 2023 4:18 pm
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Cymbal DLT Companies secured $95 million to refinance its new rental building in Dania Beach, Fla.
The Miami-based developer, led by Asi Cymbal, completed the 301-unit property, Oasis Pointe Residences, eight months ago. The eight-story building is now 97 percent leased, according to Cymbal DLT.
The debt financing includes $65 million from South Korea’s Kookmin Bank and $30 million from Related Fund Management, Related Companies’ investment division, said a spokesperson for the developer. Charles Han of Newmark brokered the loans.
Cymbal DLT bought the 2.4-acre site — located at 150 S Bryan Road, just south of Fort Lauderdale-Hollywood International Airport — for $4.8 million in 2020, according to property records. Shortly thereafter, the developer secured a $60.3 million construction loan from 3650 REIT, which it has already paid off.
So far, Cymbal DLT said, the 418,013-square-foot project has generated a 130 percent return to equity investors.
The newly secured financing comes as Related Fund — the third-party investment manager affiliated with Stephen Ross — is ramping up deal-making in South Florida since opening an office in Boca Raton earlier this year.
Last year, the fund provided Cymbal DLT a $103 million construction loan for a multifamily development in Miami Gardens.
Julia Echikson can be reached at jechikson@commercialobserver.com.
