JV Scores Largest Construction Loan in Fort Lauderdale History
Madison Realty Capital provided $210 million for the development of Broward County’s first five-star project.
Developers behind the first five-star project ever to rise in Broward County, Fla., have landed the largest residential construction financing in city history.
Fort Partners and Merrimac Ventures secured a $210 million loan for the construction of The Four Seasons Hotel and Private Residences Fort Lauderdale, a luxury 22-story hotel and condo development underway in Fort Lauderdale, Fla. Madison Realty Capital provided the loan in the deal.
The developers broke ground on the project in 2018 and completion is slated for 2021, with Coastal Construction as general contractor and Lehrer Cumming as construction manager. Architect Kobi Karp and landscape architect Fernando Wong designed the building and its surroundings, while Tara Bernerd and Martin Brudnizki will offer interior design services.
Another combination of hotel and luxury residences is taking shape under the same brand in New Orleans. There, a joint venture will redevelop a vacant 33-story building into a Four Seasons Hotel and Private Residences property slated to open in 2020.
A signature Four Seasons property
The Four Seasons Hotel and Private Residences Fort Lauderdale will include 148 keys and 83 residential units with views of the Atlantic Ocean and Intracoastal Waterway. The one- to four-bedroom condos range in size from 780 to more than 6,100 square feet. Property amenities will include a fitness center, two pools, a signature Four Seasons spa and restaurant with a brasserie on the pool deck. Services offered at the property include a beach butler, yachting and pet concierge, among others.
The 1.8-acre development site is at 525 N. Fort Lauderdale Beach Blvd., just a few miles east of the city center and about 8 miles west of Fort Lauderdale-Hollywood International Airport.