Big Construction Loans
Commercial Observer
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The commercial real estate financing market thawed considerably in 2024 — though it’s got a ways to go to reach pre-pandemic levels of trading — and a pair of recent loans highlight the trend. They’re both construction loans, one in South Florida and the other on Long Island.
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— Tom Acitelli, Deputy Editor
Fort Partners Lands $111M for Next Surfside Condo Project
Fort Partners has secured a $110.7 million construction loan for its next luxury oceanfront condo project in Surfside, Fla., building on the success of the nearby Surf Club complex. The debt covers Surf House, an 11-story project with 17 condo units designed by Kobi Karp at 8995 Collins Avenue, according to the Business Journals. Lenders include Athene Annuity and Life Company, Fox Hedge Intermediate B, and EOS Luxembourg. In April, the Fort Lauderdale-based developer paid $60 million for the half-acre lot. Surf House marks Fort Partners' third development in Surfside, a town just north of Miami Beach.
Acres Capital Provides $69M Construction Loan for Long Island Industrial Facility
Thor Equities Group has secured $68.5 million in construction financing to build a state-of-the-art, 310,500-square-foot, Class A industrial facility in Deer Park, N.Y., Commercial Observer has learned. Acres Capital provided the construction financing. No broker was listed on the transaction. Jack J. Sitt, chief investment officer of Thor North America, said in a statement that the deal demonstrates his firm’s “commitment to excellence” in developing assets across the industrial sector. “We look forward to developing a state-of-the-art facility that meets the demands of today’s market and contributes to economic growth in the region,” said Sitt.
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