Aztec Group, Inc. and 3650 REIT are pleased to announce the closing of a $60 million construction loan that was arranged by Aztec Group, Inc. and originated by 3650 REIT for the ground-up development of Oasis Pointe, a luxury mixed-use property located in Dania Beach, Florida. The loan is provided to Cymbal Development, a design-driven development and construction company with deep expertise in the South Florida market. Aztec conducted a broad investment banking process and 3650 REIT was selected among other proposals procured by Aztec on behalf of Cymbal Development.
“We are pleased to fund the construction of what will be a premier destination in South Florida,” said 3650 REIT Co-Founder and Managing Partner Jonathan Roth. “This loan aligns with our bridge and event-driven strategy of providing financing to strong sponsors who are intimately familiar with their markets and have alignments of interest in ensuring the success of their projects. This property will help meet local demand for high-quality housing at an attainable price, which is in high demand proximate to the $1.0 billion Dania Pointe development and major regional employers Port Everglades and Fort Lauderdale International Airport.”
The non-recourse financing package includes a fixed interest rate throughout the 42-month loan term and an 80 percent loan-to-cost ratio. Cymbal Development selected 3650 REIT for its certainty of execution, familiarity with local markets and focus on long-term relationships.
“This closing is a testament to the sophistication and high levels of experience of both the borrower and lender teams to have started and completed the process of closing this complicated construction loan entirely during the challenges presented by the COVID-19 pandemic,” said Jason Shapiro, Managing Director for Aztec.
“Oasis Pointe will be a transformative development in Dania Beach, and will activate an old, industrial property with a modern, waterfront multifamily community. Aztec is proud to have secured construction financing that exceeded our client’s expectations,” said Charles Penan, Executive Vice President of Aztec.
Located at 150 S. Bryan Road in Dania Beach, the eight-story Oasis Pointe will be a modern, class A waterfront rental apartment community comprising 301 units, structured parking and a 19-slip boat club. The property sits at the northeast corner of Stirling Road and S. Bryan Road on a ± 2.42-acre waterfront parcel adjacent to the mixed-use Dania Pointe project, which features multiple hotels and retail and lifestyle amenities. Planned and permitted earlier this year, Oasis Pointe was designed for safety in the COVID-19 age, and will include fresh air intake throughout the property as well as an ionization system to sterilize and purify air. Additional project amenities include a waterfront boardwalk, meditation and butterfly gardens, a luxurious lap pool, curated art and integrated technology throughout.
Managing Director Michael Fleischer and Vice President Will Pierce lead the transaction for 3650 REIT. Jason Shapiro, Charles Penan and Senior Associate Joel Zusman of Aztec arranged the loan.
About 3650 REIT
3650 REIT is a nationwide commercial real estate lender originating and servicing portfolio loans for relationship borrowers. 3650 REIT’s highly differentiated lending process, national scale, vertically integrated platform and Rated Special Servicer status enable it to deliver tailored financing solutions, high-touch service and reliable, customer-focused outcomes. Co-Founders and Managing Partners Toby Cobb, Justin Kennedy and Jonathan Roth have played leading roles in the evolution of the CRE debt markets with track records of success across CRE lending, mortgage banking, capital markets, loan servicing and distressed credit management. Headquartered in Miami, Florida with offices in New York, Los Angeles, Chicago, Dallas, and Nashville, 3650 REIT is well positioned to lend on properties located throughout the country. For more information, visit: www.3650REIT.com.
About Aztec Group
Founded in 1981, Aztec Group, Inc. specializes in facilitating the acquisition, disposition, financing and capital needs of real estate projects for institutional investors, entrepreneurs and commercial developers as well as offshore clients. Aztec has long been recognized as the premier real estate capital markets intermediary and merchant banking firm in the Southeast, handling over $10 billion in transactions during the past decade. The company is also considered an innovator, often seeing opportunities for clients before they become apparent in the marketplace. For more information, visit: www.aztecgroup.com.
