Cymbal Development Secures $ 60 Million Loan for Florida Project

Oasis Pointe. Image courtesy of 3650 FPI

Cymbal Development has secured a $ 60.3 million non-resourced construction loan for Oasis Pointe, a core development in Dania Beach, Florida. The eight-story luxury mixed-use property, to be built at 150 S. Bryan Road, will be a Class A waterfront rental community with 301 units, structured parking and a 19-slide boat club. .

Organized by Aztec Group Inc. and initiated by 3650 REIT, the non-recourse finance package includes a fixed interest rate throughout the life of the 42-month loan and a loan-to-cost ratio of 80%.

“This sponsor needed a lender who was willing to see beyond the short-term displacement of local employment drivers like the Fort Lauderdale Airport and Port Everglades, and who understood the long-term potential of the region. “, Co-Founder and Managing Partner of 3650 REIT Jonathan Roth said Multi-dwelling news.

Oasis Pointe will transform a 2.4-acre former industrial property at the northeast corner of Stirling Road and S. Bryan Road into a modern waterfront multi-family development. The new community was planned and licensed earlier this year, and will stand alongside the Dania Pointe mixed-use project comprising several hotels and retail and lifestyle amenities.

In response to the pandemic era, Oasis Pointe will provide a fresh air intake throughout the property. It will also offer an ionization system to sterilize and purify the air. Topping the list of common amenities will be the meditation and butterfly gardens. Managing Director Michael Fleischer and Vice President Will Pierce led the transaction for 3650 REIT. Jason Shapiro, Charles Penan and Joel Zusman from Aztec arranged the loan. In September, Aztec Group Chairman Peter Mekras spoke out on the obstacles of the COVID era that homeowners face.

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