Luxury Fort Lauderdale Apartment Tower Secures $85 Million Construction Loan
The 25-story 4 West Las Olas is set for completion in summer 2019.
February 16, 2018 at 02:06 PM
2 minute read
The luxury apartment tower 4 West Las Olas in Fort Lauderdale is a step closer to fruition after securing an $85 million construction loan.
Developer Elevate Partners LLC's 25-story, 261-unit building on 1.08 acres is to rise at 4 W. Las Olas Blvd. on the southwest corner of Las Olas Boulevard and South Andrews Avenue and just north of the Tarpon River.
Elevate Partners and NCC Development Group LLC secured the loan from Boynton Beach-based commercial bridge lender Trez Forman Capital Group on Feb. 13, according to a news release.
Most of the units at 4 West Las Olas will be one- and two-bedroom units with the rest studios and three bedrooms, according to the developer's website. The tower also will have 12,497 square feet of retail.
Fort Lauderdale-based Elevate Partners is led by founding partners Thomas Vogel and Scott Bodenweber.
Their project will replace the nine-story Sweet Building, the first high-rise in Fort Lauderdale and the city's tallest building from 1926 to 1972, according to the Sun Sentinel. Vogel's father bought the building in 1980 and renamed it One River Plaza.
Elevate One River LLC affiliated with Elevate Partners bought the building and the rest of the site in August 2017 from One River Plaza Co. for $24 million, according to Broward County property records.
Lender Trez Forman is a joint venture between mortgage lender Forman Capital and Canadian commercial mortgage lender Trez Capital Group.
4 West Las Olas is to be finished in summer 2019, according to Elevate Partners.
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