Boutique Loft Building in Downtown Fort Lauderdale Secures $12 Million Refinancing With Berkadia’s Help

Fannie Mae granted a seven-year, fixed-rate loan with full-term interest only through its Near-Stabilization Program and Green Building Certification Program.

The Forge Lofts, a 35-unit boutique building completed in 2022 in downtown Fort Lauderdale’s FATVillage neighborhood, recently secured a $12 million refinance loan with the help of Berkadia, a joint commercial real estate venture of Berkshire Hathaway and Jefferies Financial Group. The loan was arranged on behalf of the sponsor, Urban Street Development, a full-service development firm based in Fort Lauderdale, by Managing Director Brad Williamson, Senior Managing Director Mitch Sinberg, Managing Directors Scott Wadler and Matt Robbins of Berkadia South Florida.

“This asset is a unique rental loft unlike any other rental property, with high ceilings and an open layout, and excellent Opportunity Zone location,” Williamson says. “Berkadia was able to structure fixed-rate debt with full-term interest-only to mirror the sponsor’s business plan. The Forge Lofts are a great addition to this growing neighborhood.”

Located at 401 NW First Ave. in the historic warehouse-turned-tech district, The Forge Lofts offers residents the option of choosing between one- or two-bedroom units that range in size from 775 square feet to 1,330 square feet. Each unit boasts 10- to 13-foot ceilings, polished concrete floors and premium kitchen appliances with custom kitchen islands. Smart home technology and large balconies offering outdoor views are also included. Residents can also expect controlled building and garage access, reserved parking, an electric car charging station, high-speed Wi-Fi, a 24/7 fitness studio, a summer kitchen and a heated pool.

The Forge Lofts are conveniently located close to the Brightline station, the Broward Center for the Performing Arts, the Fort Lauderdale Museum of Art and the Museum of Discovery and Science.

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