Thank you for sharing!

Your article was successfully shared with the contacts you provided.

FORT LAUDERDALE, FL-The Symphony towers, a luxury waterfront condominium project which recently broke ground in the city’s cultural district, has obtained an $88-million construction loan.

Bank of America is the lead bank in the syndicated loan. Tom Streit, a shareholder in the West Palm Beach, FL, office of the law firm Akerman Senterfitt, represented Bank of America in the deal. The Florida law firm negotiated the loan terms, prepared the loan documents and reviewed the due diligence process. The three-year loan takes the place of a smaller loan that was arranged to purchase the site and start marketing the development.

“This loan is evidence of the strong trend of luxury residential condominium development in Broward and Palm Beach counties,” Streit says.

Suffolk Construction is the general contractor building the project. The project’s developer is a partnership led by Altman Development Corp., a luxury multifamily developer and manager established in 1968. The Altman Cos. has acquired and developed more than 13,000 residences.

Symphony Towers will consist of two 22-story towers, a seven-story parking garage and a large common area. Suffolk, which plans to build both towers at the same time, estimates they will be completed in 24 months. The development will be located at 600 W. Las Olas Blvd. Downtown on a 2.5-acre site on the New River, near the Broward Center for the Performing Arts.

The project’s units range from one-bedroom with a den and two bathrooms to three-bedroom, 2.5-bathroom units. Premier Sales Group Inc. is the exclusive sales and marketing firm for The Symphony. The developer has been pre-selling the units for many years.

Each residence has at least one terrace, as well as luxury finishes such as marble, granite and stainless steel. The development’s amenities will include a library, a private theater, a business center, conference rooms, a billiards room and a private health club with a spa. In addition, condo owners can buy boat slips on the development’s private marina on the New River.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.