Madison Realty Capital (MRC) has originated a $210 million construction loan for the development of the Four Seasons Hotel and Private Residences located at 525 North Fort Lauderdale Beach Boulevard in Fort Lauderdale, Florida.
“This highly reputable sponsor has extensive expertise in real estate development and management along with a long track record of success with luxury residential, hospitality, and mixed-used projects,” said Josh Zegen, MRC co-founder and managing principal. “The relative dearth of five-star hotels and luxury residential units of this quality in Fort Lauderdale also drew us to the project.”
MRC sourced the deal directly with developer Fort Partners, which will use the financing to complete vertical construction on the 22-story development. The property will feature 148 hotel rooms and 83 residential condominium units, of which 60% have been presold.
The property is situated on an entire block—surrounded by Viramar Street to the south, Windamar Street to the north, A1A to the east, and Breakers Avenue to the west—in a prime tourist and residential location. Due to Fort Lauderdale’s high development costs, laborious entitlement process and lack of developable land, new additions to Fort Lauderdale’s hotel supply are rare, with just four five-star hotels throughout the entire city.
