OceanLand Investments obtained $96 million in construction loans for its Sixth&Rio condo project in downtown Fort Lauderdale.
West Palm Beach-based Southern Realty Trust Inc. provided a $60 million loan to the developer and another $36 million loan was syndicated by two lenders, West Palm Beach-based Sunrise Realty Trust (Nasdaq: SUNS) and New York-
based Invictus Real Estate Partners. JLL’s Brian Gaswirth and Paul Adams represented the borrower in the deals. The loans were granted to 501 Aviva Owner LLC, part of Fort Lauderdale-based OceanLand Investments, led by
CEO Jean Francois Roy.
"Our commitment to the Sixth & Rio project underscores our belief in the long-term value of well-located, high-quality developments in the growing Florida market,” stated Brian Sedrish, CEO of Southern Realty Trust. “Downtown Fort Lauderdale's limited condo inventory and strong demand make this an ideal investment for us. We look forward to seeing Sixth & Rio redefine luxury living in this vibrant market."
The developer broke ground on Sixth&Rio at 501 S.E. Sixth Ave./Federal Highway in May 2023. It’s located along the new River. It will feature 94 condos in eight stories. They are priced from $900,000 to more than $3 million.
It would include a pool terrace with private cabanas, a fitness center, a club room, an owners' lounge styled like a speakeasy and a tropical outdoor lounge.
OceanLand Investments expects to complete the condo in 2026. Stiles Construction in Fort Lauderdale is the general contractor and Local firm FSMY Architects + Planners is the main architect.
The developer acquired the property by buying out and terminating an older condo for a total of $11.3 million in 2021.
While most of the development in downtown Fort Lauderdale in recent years has been rentals, there’s been more condo development recently as developers cater to the wealthy people moving to South Florida and empty nesters trading large homes in the suburbs for urban locations.
Fort Lauderdale condo project obtains $96M construction loan
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Fort Lauderdale condo project obtains $96M construction loan
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The family-owned business has over 30 years of experience creating exceptional developments in South Florida.
The limited Townhome Collection of Sixth&Rio is being launched by OceanLand Investments. This collection comprises four two-story units priced between $1.75 to $1.8 million. These units are designed to provide the residents in downtown Fort Lauderdale with the best of both worlds. They are ideally suited for families who desire more space than a typical condo unit offers yet want to enjoy the convenience and luxury of a condominium lifestyle. The Townhome Collection is situated on the ground level of Sixth&Rio, thereby offering direct access to the historic, oak-shaded Smoker Family Park, which is located on the renowned New River.
This exclusive collection offers two- and three-bedroom townhomes ranging from 1,694 to 1,759 square feet with a brownstone-esque feel. Each unit provides a unique and more spacious living experience to residents. The residences are finished with top-of-the-line appliances such as Sub-Zero and Wolf, chic Italian kitchen and bath cabinetry by Italkraft, Swiss-made kitchen sinks, natural light in bathrooms, and more. Additionally, residents of the Townhome Collection can enjoy full access to Sixth&Rio’s state-of-the-art amenities.
The property boasts an array of resort-style amenities, such as a sky terrace with an infinity pool with private cabanas, a modern fitness center, a resident club room, a coffee, tea, and wine parlor, and tropical outdoor lounge and dining spaces.
