Newrock Lands $60M Financing for Another Resi Building Near Historic KenAnn Property
By Julia Echikson July 23, 2024 2:18 pm
reprints
Newrock Partners and Brickbox Development secured $60 million to build a residential building near the historic KenAnn building in Oakland Park, Fla.
The construction loan from S3 Capital will go towards Parc, a seven-story building with 165 units, a three-story parking structure and 29,000 square feet of retail space at 3411 and 3425 North Federal Highway, Koby Assaraf, a principal at Newrock, told Commercial Observer.
The project is part of the redevelopment of the KenAnn property, a circular, 74,442-square-foot building that was constructed in 1964, located three blocks south at 3101 North Federal Highway, across the street from the Coral Ridge Mall. The eight-story building, said to be inspired by “The Jetsons,” was financed by pilot Ken Burnstine and named for himself and his first wife, Ann.
Between 2016 and 2020, the joint venture paid $22.3 million for the 4-acre site, which is also home to a three-story office building.
Oakland Park-based Newrock Partners, alongside Brickbox Development, added onto the property an 11-story building with 274 apartments, 19,250 square feet of commercial space, and 500 parking spaces, which it completed this year.
New York-based S3 Capital had also funded that project by providing a $67 million construction loan.
Julia Echikson can be reached at jechikson@commercialobserver.com.
