Alta Developers secured a $140.2 million senior construction loan for a 35-story Fort Lauderdale multifamily project that’s been stuck in the pipeline for years.
The Coconut Grove-based firm, headed by Raimundo Onetto, secured the financing for Alta New River at 100 Southwest Sixth Street, as construction financing flows across South Florida. Construction is expected to start this month.
JVP Management provided the loan, which was arranged by the firm’s Anthony Shaskus, Aaron Jurist and Liam Dai, according to a release. It’s JVP’s third transaction with Alta. The financing replaces the developer’s original 2023 loan and boosts it by $129.8 million, the South Florida Business Journal reported. The debt amounts to $350,500 per planned unit.
Alta New River will be Alta’s third residential project in Fort Lauderdale. It will have 400 apartments averaging 840 square feet, and a nine-story parking garage. Amenities include a pool deck with cabanas, an outdoor kitchen and barbecue area, a fitness center, a co-working lounge, club rooms and a spa.
Dorsky and Yue International is the architect. Greystar will manage the property upon completion, which is expected in the fourth quarter of 2028.
Alta Developers bought the 1-acre development site for $20.8 million in 2022. The seller in that deal, a joint venture between Bizzi & Partners and Silverback Development, paid $12 million for the assembled site in 2017. They had a similar plan, with completion slated for last year, The Real Deal previously reported. But construction never started, and Alta ultimately took over.
Four years later, the project is finally making some headway.
Shaskus, head of credit strategies at JVP, said Alta New River is the kind of project the firm looks to finance, as downtown Fort Lauderdale “continues to see steady renter demand for new, highly amenitized product.”
Alta Developers has delivered more than 4,000 units across South Florida, according to the release. In Fort Lauderdale’s Flagler Village, the firm developed EON Squared, a multifamily project with 476 units across two pairs of 12-story buildings. The real estate division of Germany’s Union Investment dropped $226.5 million on the complex in 2021.
Fort Lauderdale has been the subject of several splashy projects in recent weeks. Last month, Russell and partners scored city approval for their mixed-use Live Local development at the Galleria mall. The city unanimously approved the project a year and a half after the developers submitted the application. That development will include 3,144 units across eight 30-story towers.
Also last month, New York-based Arosa Developers filed plans for what would be the tallest building in the city. The tower would rise 56 stories and 645 feet with 696 residential units, 7,400 square feet of commercial space and 696 parking spaces.
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