The financing allows Fort Partners, well-esteemed developer, to complete vertical construction on the 22-story Four Seasons-branded development
NEW YORK, Dec. 11, 2019 (GLOBE NEWSWIRE) — Madison Realty Capital (MRC) originated a $210 million construction loan for the development of the Four Seasons Hotel and Private Residences located at 525 North Fort Lauderdale Beach Boulevard in Fort Lauderdale, Florida.
MRC sourced the deal directly with high-profile developer Fort Partners, which will use the financing to complete vertical construction on the 22-story development. The property will feature 148 hotel rooms and 83 residential condominium units, of which 60 percent have been presold.
“This highly reputable sponsor has extensive expertise in real estate development and management along with a long track record of success with luxury residential, hospitality, and mixed-used projects,” said Josh Zegen, Co-Founder and Managing Principal of MRC. “The relative dearth of five-star hotels and luxury residential units of this quality in Fort Lauderdale also drew us to the project. As demonstrated by the outstanding presale success and strong local reception, we anticipate that the property will become a landmark Fort Lauderdale attraction.”
The property is situated on an entire block—surrounded by Viramar Street to the south, Windamar Street to the north, A1A to the east, and Breakers Avenue to the west—in a prime tourist and residential location. Due to Fort Lauderdale’s high development costs, laborious entitlement process and lack of developable land, new additions to Fort Lauderdale’s hotel supply are rare, with just four five-star hotels throughout the entire city.
In addition to unparalleled amenities and interior unit finishes, the property will boast 200 linear feet of frontage along Florida’s southeastern coast, giving guests and condo owners sweeping panoramic views of the Atlantic Ocean. First-class amenities will include multiple infinity pools with unobstructed ocean views, five-star restaurants, ballrooms, meeting spaces, a fitness center, first class spa center and valet parking.
Once known as a tourism-based economy, Fort Lauderdale today supports a diverse range of industries and is home to over 200 corporate and international regional headquarters. The city’s waterfront is lined with upscale outdoor restaurants, bars and boutiques, while local attractions include the International Swimming Hall of Fame and Hugh Taylor Birch State Park.
The property marks the fourth Four Seasons development for Fort Partners, which holds the exclusive right to develop Four Seasons-branded properties in Florida and other markets. The previous developments include the Surf Club Four Seasons Hotel and Residences in Surfside Florida; the Four Seasons Hotel Palm Beach; and the upcoming Four Seasons Marbella, Spain.
About Madison Realty Capital (MRC)
Madison Realty Capital (MRC) is a New York City based real estate private equity firm focused on debt and equity investment strategies with regional offices in key markets including Los Angeles and Dallas. Founded in 2004, MRC has closed on approximately $12 billion of transactions in the multifamily, retail, office, industrial and hotel sectors. The firm manages investments in the United States on behalf of a global investor base. MRC is a fully integrated firm with over 60 employees across all real estate investment, development, and property management disciplines. Among other industry recognitions, MRC has been named to the Commercial Observer’s prestigious “Power 100” list of New York City real estate players and is consistently cited as one of the industry’s top construction lenders.