Moderno Development Group scored a $102 million construction loan for an apartment tower in an emerging Fort Lauderdale district south of the New River.
Doron Broman’s Moderno and project partner Robert Mathias of Boca Raton-based NCC Development are set to start building the 29-story Rivr Lofts on the west side of Southwest Third Avenue, and between Southwest Fourth and Fifth streets, according to the developer’s news release.
Peter Mekras of Aztec Group arranged the financing as exclusive adviser to Moderno. New York-based Square Mile Capital is the lender.
Rivr Lofts will be the first residential high-rise in the Tarpon River Entertainment and Design District.
The 352-unit tower will have 176 studios, 154 one-bedroom apartments and 22 two-bedroom units, according to the project’s website. Monthly rents will range from $1,800 to $2,300.
The Cube 3-designed project will include a rooftop pool; 2,700 square feet of ground-floor retail; onsite parking, and a ground-floor lounge and bar, according to an Aztec news release. Moss Construction is the general contractor.
Construction is expected to start June 10 and be completed in mid-2024.
In 2018, Moderno assembled the 1.2-acre development site in the Tarpon River Entertainment and Design District. The developer paid $5 million for the property, The Real Deal reported at the time.
The district is a low-rise neighborhood with homes and businesses, but is on the cusp of redevelopment. Moderno plans more mixed-use construction and has repurposed an industrial building at 501 Southwest Second Avenue into the 501 Urban Warehouse for retailers. The developer paid $1.9 for property in 2018, according to a deed.
Fort Lauderdale-based Moderno has more than $100 million of South Florida projects under management, its release says. Broman is managing partner and Christopher Bibus is chairman and investor, according to Moderno’s website.
In another Fort Lauderdale project, Moderno built the 10-unit 912 Victoria townhouses at 912 and 930 Northeast Fourth Street in the Victoria Park neighborhood.
Moderno’s plan for Rivr Lofts comes as the South Florida multifamily market is booming because of high demand, prompting developers to construct more units.
Prospect Real Estate Group will develop the 12-story, 252-unit Advantis Station at Flagler Village on the northeast corner of Sistrunk Boulevard and Northeast Third Avenue. Prospect, based in New Smyrna Beach, paid $11 million for the 1.4-acre site in April.