The Forge, by Urban Street Developers, will deliver 35 high-end residential lofts in 2021
Fort Lauderdale, Fla. (May 14, 2020) – Berkadia announces it has secured a $9.1 million loan for the construction of The Forge, a new 35-unit, 7-story luxury loft building in Fort Lauderdale’s FATVillage, the city’s trendy downtown historic warehouse district. Managing Director Brad Williamson of Berkadia’s Miami office secured the financing on behalf of the developer, Urban Street Development. The development, located in an Opportunity Zone, will break ground this year and deliver in late 2021.
The loan was sourced from a bank at a 55 percent loan-to-cost.
“This is a boutique project of high-end lofts unlike anything that’s been built in Fort Lauderdale in some time and is well located in FATVillage within walking distance to the Brightline,” said Williamson. “Opportunity Zone projects with long-term holds and patient capital being developed in desirable infill locations will weather these uncertain times better compared to their competitors.”
Located at 401 NW 1st Avenue, The Forge will feature a mix of one- and two-bedroom units ranging in size from 781 square feet to 1,350 square feet. Apartments will feature high (12 to 14 feet) ceilings, finished concrete floors, Bauhaus-inspired windows, unique open entertainment kitchens, quartz countertops and smart home technology. Community amenities will include a CrossFit-inspired gym, garage parking, and shared access to the Foundry Loft’s pool deck next door. The garage will feature an automatic parking lift system to maximize the amount of parking spaces offered.
The Forge is situated within FATVillage (Flagler + Arts + Technology Village), better known as Fort Lauderdale’s creative enclave in the heart of downtown. The property is located within walking distance to dozens of eateries, markets, boutiques and galleries, most unique to this area. The property is located within walking distance to approximately 5 million square feet of office space and 1 million square feet of retail space, and just one block away from the Fort Lauderdale’s Brightline/Virgin Trains Station, offering direct service to Miami and West Palm Beach now, and eventually Orlando and Tampa.
Developer Urban Street Development specializes in the design, development, and construction of a variety of businesses, properties and neighborhood revitalization projects. Led by the dynamic team of construction and real estate developer Alan Hooper and restaurateur and entrepreneur Tim Petrillo, Urban Street has designed, developed, constructed, managed, leased and sold a multitude of successful projects over the years including FATVillage, Collegetown FSU in Tallahassee, Fla., and New River Trading Post in Fort Lauderdale.
Urban Street Development Scores Loan for FATVillage Loft Project | The Real Deal
Apartments Break Ground in Flagler Village with $9M Loan | South Florida Business Journal
Berkadia Secures $9M Construction Loan for Luxury Loft Project in FATVillage | Connect Media
Berkadia Arranges $9.1M Construction Loan for Multifamily Development in Downtown Fort Lauderdale | REBusiness Online
Fort Lauderdale FATVillage Lofts Secure $9 Million COnstruction Financing | Law.com