Aztec Group Secures $60M Construction Loan for Dania Beach MXU Project
Aztec Group has secured a $60 million construction loan originated by 3650 REIT for the ground-up development of Oasis Pointe, a luxury mixed-use property in Dania Beach.
Located at 150 S. Bryan Road in Dania Beach, the eight-story project will be a modern, class A waterfront rental apartment community consisting of 301 units, structured parking and a 19-slip boat club. The property is adjacent to the mixed-use Dania Pointe project, which features multiple hotels and retail and lifestyle amenities. Additional project amenities include a waterfront boardwalk, meditation and butterfly gardens, a lap pool, curated art and integrated technology throughout.
Aztec Group secured the non-recourse financing package on behalf of borrower Cymbal Development, a design-driven development and construction company. Terms of the financing include a fixed interest rate throughout the 42-month loan term and an 80 percent loan-to-cost ratio.
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