Alta Developers secured a $140.2 million construction loan for the development of Alta New River, a 35-story rental skyscraper in Fort Lauderdale, Florida, Commercial Observer reported. JVP Management served as the administrative agent, assuming an existing loan with $10.4 million of outstanding debt and increasing it by $129.8 million, according to mortgage documents.
The Miami-based developer purchased the one-acre site at 100 Southwest Sixth Street for $20.8 million in 2022. General contractor Kaufman Lynn Construction started construction work last week, and project completion is scheduled for the fourth quarter of 2028.
What happened
The loan finances the construction of 400 apartments and a nine-story parking garage. Units in the 35-story tower will average about 840 square feet. The property is located near downtown Fort Lauderdale, east of the Brightline train tracks and about two blocks south of the New River.
Anthony Shaskus, head of credit strategies at JVP Management, stated that the firm targets well-located projects and cited steady downtown Fort Lauderdale renter demand for new, amenitized inventory. Average rents in the city have held steady around $2,250 per month over the past year, according to Apartments.com figures cited by Commercial Observer.
The closing follows other recent activity for Alta Developers, led by Raimundo Onetto. Last month, the company finished the Casa Bella Residences by B&B Italia condominium tower in Miami with partner Related Group, and obtained a $60 million construction loan for a 308-unit project in southern Miami-Dade County. Other Fort Lauderdale projects in development include a two-tower complex by Dependable Equities and a Grover Corlew development backed by a $92 million construction loan.
What it changes for a closing
For closing teams, the transaction highlights an assumption and upsize structure instead of a direct origination. JVP Management assumed the existing $10.4 million debt and recorded an increase of $129.8 million to reach the $140.2 million loan total. Counsel and settlement teams on similar deals manage assignment documents, track preexisting mortgage liens recorded against the parcel, and structure consolidated debt instruments to preserve existing priority.
Because completion is scheduled for the fourth quarter of 2028, administrative agents and lender counsel must align draw administration terms, title date-down requirements, and construction lien waivers alongside Kaufman Lynn Construction across the multiyear building period.