Fort Lauderdale Gets First Electra Capital Bridge Loan for Las Olas Apartments
Cushman & Wakefield arranged the $92 million financing package for the West Palm Beach-based alternative lender.
October 13, 2020 at 10:24 AM
3 minute read
Boutique lender Electra Capital has officially entered the bridge loan market.
The West Palm Beach-based company funded a $92 million bridge loan for Four West Las Olas, a 25-story luxury apartment building at 4 W. Las Olas Blvd. in downtown Fort Lauderdale.
This loan mark the lender's entry into the bridge loan space, and it's also the company's largest loan to date. Electra Capital partnered with Benefit Street Partners Realty Trust, a public nontraded mortgage real estate investment trust, to provide the senior mortgage of $76 million. Electra Capital held a $16 million mezzanine loan. Despite the size of the loan, the deal closed in 22 days.
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