Alta Developers nabbed a $140.2 million construction loan for a luxury rental skyscraper in Fort Lauderdale, Fla.
JVP Management, serving as an administrative agent, assumed a loan with $10.4 million of outstanding debt and increased it by $129.8 million, according to mortgage documents.
The development, called Alta New River, will feature 400 apartments and a nine-story parking garage. The 35-story building will rise at 100 Southwest Sixth Street, just east of train tracks for the Brightline, about two blocks south of the New River, near the city’s downtown. Units will average about 840 square feet.
Construction started last week and is expected to be completed in the fourth quarter of 2028, with Kaufman Lynn Construction serving as general contractor. The Miami-based developer purchased the 1-acre parcel for $20.8 million in 2022.
“Alta New River is the kind of well-located, high-quality project we look to finance,” Anthony Shaskus, head of credit strategies at JVP Management, said in a statement. “Downtown Fort Lauderdale continues to see steady renter demand for new, highly amenitized products.”
Over the past year, average rents in the city have held steady, hovering around $2,250 per month, according to Apartments.com.
Other multifamily projects in the pipeline include Dependable Equities’ two-tower complex and Grover Corlew’s project next to the Citrix headquarters, for which it secured a $92 million financing construction package.
Led by Raimundo Onetto, Alta Developers specializes in residential development across South Florida. Last month, it completed the Casa Bella Residences by B&B Italia luxury condo tower in Miami, in partnership with Related Group, and nabbed a $60 million construction loan for a 308-unit development at the southern end of Miami-Dade County.
Julia Echikson can be reached at jechikson@commercialobserver.com.
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