North River, Amzak Capital Management Lend $53M for South Florida Apartments

Fort Lauderdale-based developer Alva Stone Group has secured $52.5 million of construction financing to build a multifamily asset in South Florida’s St. Lucie County, Commercial Observer can first report.

North River Partners and Amzak Capital Management supplied the loan for Alva Stone’s planned 312-unit Regatta apartment complex in Fort Pierce, Fla.

“This deal underscores our steadfast commitment to financing workforce housing in high-growth corridors across the United States.” Sean Robertson, co-managing partner at North River Partners, said in a statement. 

JLL arranged the transaction with a capital markets team led by Max La Cava. 

Located at 2190 South Jenkins Road in Fort Pierce, 60 miles north of West Palm Beach, the three-story Regatta complex is slated for completion in two phases, with the first delivering 144 apartments and the second bringing 168 units. The Regatta will mark the third multifamily project in Fort Pierce for Alva Stone, which is led by brothers Pedro Quijada and Diego Quijada. 

Fort Pierce has experienced a 50 percent rent growth since 2015, with rents expected to grow by an average of 5 percent over the next five years, according to North River Partners.

“The more we learned about the Fort Pierce fundamentals, the more compelling we found the opportunity.” Jeff Rosenfeld, co-managing partner at North River Partners, said in a statement. 

Alva Stone and Amzak Capital Management did not immediately return requests for comment.

Andrew Coen can be reached at acoen@commercialobserver.com.