$210M Four Seasons Financing Sets Fort Lauderdale Record
Miami developer Fort Partners obtains the construction loan from Madison Realty Capital for the Four Seasons Hotel and Private Residences Fort Lauderdale.
A $210 million construction loan obtained by Miami developer Fort Partners from Madison Realty Capital for the Four Seasons Hotel and Private Residences Fort Lauderdale is believed to be a record for residential construction loans in the city.
Construction is underway, more than 60 percent of the units have been pre-sold, and occupancy is scheduled for 2021.
New York-based Madison Realty is a 15-year-old real estate private equity firm that’s closed more than $12 billion in transactions. The company is led by managing principals John Zegen, Brian Shatz and Adam Tantleff.
Nadim Ashi, founder of Fort Partners, said the project at 525 N. Fort Lauderdale Beach Blvd. will help redefine Fort Lauderdale as an international destination. Ramzi Achi is a company principal.
“This unprecedented construction loan reaffirms our confidence in this luxury development as well as our extraordinary teams’ ability to create the most sought-after residential and hospitality experience in Fort Lauderdale,” Ashi said Monday in a news release.
The 22-story hotel and condominium development will include 148 guest rooms and 83 residences ranging from one- to four-bedroom units. Each residence will offer outdoor terraces with views of the Atlantic Ocean and Intracoastal Waterway. Two-bedroom units start just under $3.6 million.
Fort Partners also owns the Four Seasons Hotel and Residences at The Surf Club at Surfside, Four Seasons Resort Palm Beach and Norman’s Cay in the Bahamas.
Coastal Construction is building the new tower, and Lehrer Cumming is the construction manager.
The development’s design team includes London-based interior designer Tara Bernerd, who designed The Principal London and Thompson Hotels, and hospitality designer Martin Brudnizki, who has designed five London restaurants.
Miami architect Kobi Karp and landscape architect Fernando Wong bring South Florida expertise to the design team.
The development will include a spa, fitness center, two pools, beach butler service and yachting services. The building will have a pet concierge and on-call veterinarian. Kitchen cabinets will have antique bronze fittings, and the marble baths will have oak vanities with brushed nickel fittings.
The building across the street from the beach is between the Private Residence at Fort Lauderdale Beach and the W Fort Lauderdale to the south and Conrad Fort Lauderdale Beach to the north.
Madison Realty has plunged money into two other large South Florida developments.
In July, the company issued a $225 million loan, the biggest deal of its kind so far this year in Palm Beach County, for the third phase of the Via Mizner mixed-use project in Boca Raton. The package covered a $215 million construction loan and a $10 million mezzanine loan.
The lender also originated a $65 million first mortgage in 2017 for the 15-story Riva luxury condo on the Middle River in Fort Lauderdale.
The Four Seasons brand founded in 1960 operates 110 hotels and resorts, 38 urban residential properties and resort destinations in 46 countries. More than 50 projects are in the planning and development stages.