Greystar takes out $88M construction loan for downtown Fort Lauderdale project
Greystar just scored an $88.1 million construction loan for a high-rise rental tower in downtown Fort Lauderdale, property records show.
Northwestern Mutual Life Insurance Company provided the financing for the project at 790 East Broward Boulevard. Greystar paid $19.5 million for the site in May. It encompasses three separate parcels, including a nearly 26,000-square-foot office building, parking lot and five-lane drive-through teller.
Records show Greystar entity GUGV 790 Broward Property Owning LLC secured the loan. Greystar’s managing director of finance Ashley Heggie was not immediately available for comment.
The city of Fort Lauderdale recently approved the site for a 25-story, 329-unit apartment tower with 6,871 square feet of ground-floor retail space. Records show the property spans about 1.92 acres.
In a previous interview, Todd Wigfield, senior managing director of Greystar Development and Construction Services said the building’s main tenant, Chase Bank, will move back into the building once it’s complete. He added that construction was set to begin as soon as Greystar relocates Chase to a new, temporary location.
Apartment and condo buildings have been popping up around the downtown Fort Lauderdale area. Nearby, Related Group is building Icon Las Olas, a 455-foot tall condo tower. The Kolter Group is also planning 100 Las Olas, a 45-story mixed-use condo tower.
Greystar is a national owner and builder of apartments. It currently operates four luxury apartment communities in Fort Lauderdale, including Blue on Marina Boulevard, The Queue, Solmar on Sixth and Elan 16Forty. The company is the largest operator of apartments in the United States, managing over 400,000 units in over 150 markets globally, according to its website.
Source: The Real Deal