Rivr Lofts, a newly built luxury apartment complex near downtown Fort Lauderdale from Moderno Development Group, has been refinanced for $117 million.
The three-year, floating rate loan was arranged by JLL Capital Markets on behalf of the South Florida-based developer for the recently completed 29-story tower in the Tarpon River Entertainment & Design District.
A representative for JLL Capital Markets declined to disclose who provided the loan when reached via email by CoStar News.
Moderno Development Group broke ground on the 352-unit luxury multifamily development in 2022 with a $102 million construction loan provided by Aztec Capital. Located at 307 SW Fifth St. in Fort Lauderdale’s Tarpon River Entertainment & Design District, the property opened in November and is 65% leased, JLL said in the statement. The building offers a mix of studio to two-bedroom residences averaging 649 square feet of space.
“The successful arrangement of this financing underscores the continued strength of the Fort Lauderdale multifamily market and investors’ confidence in high-quality assets,” said Scott Aiese, managing director at JLL Capital Markets, in the statement.
The Tarpon River Entertainment & Design District neighborhood sits less than a mile east of downtown Fort Lauderdale, beginning at the New River that winds through the city center and south down to SW Seventh Street. The Fort Lauderdale Brightline station is five blocks north of Rivr Lofts.
The area, along with the rest of central Fort Lauderdale, is one of the city’s most in-demand submarkets thanks to its proximity to downtown, shopping and dining options along Las Olas Boulevard and the beach. Market asking rents in the neighborhood average $2,077 for a studio to upward of $4,749 for a three-bedroom unit, with the area accounting for over 30% of Fort Lauderdale’s rental absorption over the past five years, according to a Costar report.
Aiese, Alex Staikos and Michael DiCosimo, of LL Capital Markets’ debt advisory team, represented the borrower.
