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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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Drew Limsky

Drew Limsky

Editor-in-Chief

BIOGRAPHY

Drew Limsky joined Lifestyle Media Group in August 2020 as Editor-in-Chief of South Florida Business & Wealth. His first issue of SFBW, October 2020, heralded a reimagined structure, with new content categories and a slew of fresh visual themes. “As sort of a cross between Forbes and Robb Report, with a dash of GQ and Vogue,” Limsky says, “SFBW reflects South Florida’s increasingly sophisticated and dynamic business and cultural landscape.”

Limsky, an avid traveler, swimmer and film buff who holds a law degree and Ph.D. from New York University, likes to say, “I’m a doctor, but I can’t operate—except on your brand.” He wrote his dissertation on the nonfiction work of Joan Didion. Prior to that, Limsky received his B.A. in English, summa cum laude, from Emory University and earned his M.A. in literature at American University in connection with a Masters Scholar Award fellowship.

Limsky came to SFBW at the apex of a storied career in journalism and publishing that includes six previous lead editorial roles, including for some of the world’s best-known brands. He served as global editor-in-chief of Lexus magazine, founding editor-in-chief of custom lifestyle magazines for Cadillac and Holland America Line, and was the founding editor-in-chief of Modern Luxury Interiors South Florida. He also was the executive editor for B2B magazines for Acura and Honda Financial Services, and he served as travel editor for Conde Nast. Magazines under Limsky’s editorship have garnered more than 75 industry awards.

He has also written for many of the country’s top newspapers and magazines, including The New York Times, Washington Post, Los Angeles Times, Miami Herald, Boston Globe, USA Today, Worth, Robb Report, Afar, Time Out New York, National Geographic Traveler, Men’s Journal, Ritz-Carlton, Elite Traveler, Florida Design, Metropolis and Architectural Digest Mexico. His other clients have included Four Seasons, Acqualina Resort & Residences, Yahoo!, American Airlines, Wynn, Douglas Elliman and Corcoran. As an adjunct assistant professor, Limsky has taught journalism, film and creative writing at the City University of New York, Pace University, American University and other colleges.