The financing will enable Elevate Partners to lease up its newly built multifamily tower in Fort Lauderdale.
Electra Capital has entered the bridge loan market with the closing of a $92 million bridge loan for Elevate Partners, the owners of Four West Las Olas, a newly built 250-unit luxury apartment tower in downtown Fort Lauderdale, Fla. It is the largest loan Electra has originated to date.
Electra, a Florida-based boutique lender specializing in capital solutions for the multifamily industry, brought in Benefit Street Partners Realty Trust to provide the senior mortgage of $76 million while Electra retained a $16 million mezzanine loan. Cushman & Wakefield arranged the financing.
Samuel Greenblatt, CEO at Electra Capital, said in prepared remarks that the loan illustrates the strong demand for alternative forms of financing given the current dislocation of the capital markets.
The new loan replaces an $85 million construction loan secured in February 2018 from Trez Forman Capital Group. Trez Forman had earlier provided a $6 million land loan to the developers when they acquired the site in mid-2017.
The 25-story apartment building, which is currently 58 percent leased, is located at 4 W. Las Olas Blvd. and features studio, one-, two- and three-bedroom floorplans, along with penthouses, ranging from 588 square feet to 1,376 square feet. The units feature quartz countertops, stainless steel appliances, full-size washers and dryers, private balconies and views of the Atlantic Ocean and New River. Community amenities include a billiards/speakeasy lounge, rooftop pool, sky club room, fitness center, coffee bar, business center and garage parking.
EARLIER ELECTRA DEALS
An active alternative lender, Electra Capital has closed several loans during the COVID-19 crisis:
- $12.2 million of preferred equity in July for the acquisition of the 330-unit Pines at Woodcreek Apartments in the Houston suburb of Humble, Texas;
- $3.25 million in a preferred equity investment in The Carter, a 300-unit apartment community in Norcross, Ga.;
- $5.5 million in a preferred equity investment in Stonebridge at City Park Apartments, a 240-unit community in Houston;
- $4.09 million in a preferred equity investment in May for the acquisition of Element at University Park, a 192-unit apartment community in College Station, Texas.