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Florida & Gulf Coast  + Finance  |  October 14, 2020
David Cohen
By: David Cohen

Electra Capital Provides $92M Bridge Loan for Fort Lauderdale Apartments

Boutique lender Electra Capital has provided a $92 million bridge loan for Four West Las Olas, a 250-unit, apartment tower in downtown Fort Lauderdale. The loan replaces an existing construction loan for the property, which is currently 58% leased.

The 25-story apartment tower is located at 4 West Las Olas Blvd. and features studio, one-, two-, and three-bedroom floor plans as well as penthouses. Apartments feature quartz countertops, stainless steel appliances, full size washer/dryers, private balconies and views of the Atlantic Ocean and New River. Amenities include a billiards lounge with player piano, rooftop pool, sky club room, fitness center, coffee bar, business center and garage parking.

Denny St. Romain of Cushman & Wakefield arranged the financing on behalf of the borrower, Elevate Partners. Electra Capital brought in non-traded mortgage REIT Benefit Street Partners Realty Trust, to provide the senior mortgage of $76 million, while Electra Capital retained a $16 million mezzanine loan.

For comments, questions or concerns, please contact David Cohen

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.
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