At a glance
- The six-story project is budgeted at $133 million, putting the senior loan at about 64% of cost and leaving roughly $47.5 million to be funded beneath the senior debt.
- For a debt-fund allocator pricing Florida multifamily construction, the 64% loan-to-cost and the subordinate $47.5 million define the repayment risk through early 2029.
- The loan is below the $500 million cap on originations Bank OZK announced about two years ago, Commercial Observer reported.
Bank OZK supplied an $85.5 million construction loan to Falcone Group for Horizon of Oakland Park, a 311-unit apartment building in Broward County, Commercial Observer reported Nov. 13.
The six-story project is budgeted at $133 million, putting the senior loan at about 64% of cost and leaving roughly $47.5 million to be funded beneath the senior debt. The source of the remaining $47.5 million was not disclosed. Falcone Group, led by Art Falcone, paid the City of Oakland Park $8.5 million this month for the four-acre site at Northeast 12th Avenue and Northeast 38th Street. About 20% of units will be priced within 120% of the area's median income, and the building is planned with 20,700 square feet of retail, 195 parking spots and two pickleball courts. Construction is expected to be completed in early 2029.
For a debt-fund allocator pricing Florida multifamily construction, the 64% loan-to-cost and the subordinate $47.5 million define the repayment risk through early 2029.
The loan is below the $500 million cap on originations Bank OZK announced about two years ago, Commercial Observer reported. Bank OZK also funded a $132.7 million construction loan for a 344-unit mixed-use project in Culver City, Calif., in October, as Private Wealth Daily previously reported.
Reported by the Real estate debt desk from Commercial Observer and Private Wealth Daily archive. Published . Corrections