South Florida developers scored a combined $64 million in construction financing for two projects in Broward County.
Paterson Project Management nabbed a $31.5 million construction loan for the redevelopment of the Lighthouse Point Yacht Club ahead of the project’s groundbreaking late last month. Brora Capital provided the financing.
The $250 million redevelopment of much of the 9.9-acre site at 2701 Northeast 42nd Street in Lighthouse Point will include a 45,850-square-foot private clubhouse with indoor and rooftop event space, the South Florida Business Journal reported.
The event space will have a 10,400-square-foot fitness center, five tennis courts, a Junior Olympic-sized pool, a restaurant and piano lounge, an outdoor tapas bar, conference rooms and a banquet hall that can accommodate up to 280 guests, the outlet said.
The first phase of the project will also include 16 townhouses, with five more slated for the second phase. There will be one lot for a spec mansion. Paterson launched sales for the project in 2019, and 10 townhouses are under contract. They range from 3,600 to 4,700 square feet with three-bedroom and four-bedroom floor plans. Prices start at $4 million.
Paterson Project Management, led by Terry Paterson, has spent a long time trying to get his project off the ground. He acquired the property for $16 million in 2017 and filed plans to develop 33 waterfront townhouses on the site a year later. But the project sat in the preconstruction phase for years as Paterson went back and forth with the city on securing approvals, which didn’t come until 2024.
The new clubhouse is slated for completion in 2028. The club’s tennis, swimming, fitness and marina facilities will remain open during construction, though the main clubhouse has been closed since 2022, the publication reported.
Meanwhile, Kadima Developers landed a $32.5 million construction loan for Seven Park Residences, a 200,000-square-foot development in Hallandale Beach. The project at 218 to 220 Southeast Seventh Street is beginning to transition to vertical construction after S3 Capital Partners provided the loan, according to a release.
Seven Park will include 121 residences ranging from studios to three-bedroom units across eight stories. Floorplans range from 607 to 1,930 square feet, according to the project’s website. Prices start at $375,000.
A 4,500-square-foot ground-floor retail space is part of the plans, along with a 30,000-square-foot amenity deck with a pool, hot tubs, cabanas, resident lounge and wellness center, the release said. SKLARchitecture is designing the project.
Kadima Developers, led by co-founders Alejandro Chaberman and Joseph Melul, launched the $70 million project last year. The developer paid $5.3 million for the 1.1-acre site in June 2024, The Real Deal previously reported.
The financing comes as Florida’s lending market remains active, though lenders are selective and taking a more conservative approach to underwriting amid high interest rates and economic uncertainty, according to Largo. The region’s largest construction loans are going to luxury condo projects, and lenders are favoring established developers, Bisnow reported.
Last month, Fortune International Group and KAR Properties scored a $817 million construction loan for Faena Residences Miami, the largest construction loan ever in Florida. Earlier this month, Alta Developers secured $140 million in construction financing for Alta New River, a 35-story multifamily project in Fort Lauderdale.
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