Moderno Development Group has secured a $102 million construction loan for an apartment tower in an emerging Fort Lauderdale neighborhood south of the New River.
Doron Broman’s Moderno and project partner Robert Mathias of Boca Raton-based NCC Development are set to begin construction of the 29-story Rivr Lofts on the west side of Southwest Third Avenue and between Southwest Fourth and Fifth Streets, according to the press release. from the developer.
Peter Mekras of Aztec Group arranged the financing as exclusive advisor to Moderno. New York-based Square Mile Capital is the lender.
Rivr Lofts will be the first residential skyscraper in the Tarpon River entertainment and design district.
The 352-unit tower will include 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 project designed by Cube 3 will include a rooftop swimming pool; 2,700 square feet of retail on the ground floor; on-site parking and a downstairs lounge and bar, according to an Aztec press release. Moss Construction is the general contractor.
Construction is expected to begin June 10 and be completed by 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 neighborhood is a low rise neighborhood with homes and businesses, but is in the process of being redeveloped. Moderno is planning more mixed-use construction and has transformed an industrial building at 501 Southwest Second Avenue into 501 Urban Warehouse for retailers. The developer paid $1.9 for the property in 2018, according to a deed.
Moderno, based in Fort Lauderdale, manages more than $100 million in projects in South Florida, according to its statement. Broman is managing partner and Christopher Bibus is chairman and investor, according to Moderno’s website.
In another Fort Lauderdale project, Moderno built the 10 912 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 due to high demand, prompting developers to build more units.
Prospect Real Estate Group will develop the 12-story, 252-unit Advantis Station in Flagler Village, at the northeast corner of Sistrunk Boulevard and northeast Third Avenue. New Smyrna Beach-based Prospect paid $11 million for the 1.4-acre site in April.