The developers of Auberge Beach Residences & Spa Fort Lauderdale closed on a $132 million construction loan, the Related Group told The Real Deal.
Related, along with its development partners Fortune International Group, Fairwinds Group and a firm led by Carlos Mattos, obtained the financing from TPG Real Estate Finance, a nontraditional lender. Related has worked with the firm in the past on projects that include SLS Lux Brickell Hotel & Residences.
Buyers at Auberge include Dan Marino, Moss & Associates CEO Bob Moss, Related CEO Jorge Perez and Mattos, a Colombian businessman and Miami real estate investor. Mattos, Fortune and Fairwinds together are 50 percent partners on the project, and Related holds the remaining 50 percent, a spokesperson told TRD.
Related is among the most leveraged borrowers in South Florida real estate. So far this year, the developer closed more than $780 million in construction financing for projects like the Residences by Armani/Casa (along with Dezer Development) and GranParaiso.
The 171-unit Auberge Fort Lauderdale beachfront development will include two glass towers, a wine room, Auberge restaurant, and a spa. Nichols Brosch Wurst Wolfe & Associates and Meyer Davis Studio are handling Auberge’s design.
Related is delaying construction of Auberge’s sister development, Auberge Residences & Spa Miami, amid a slowing luxury condo market. While sales are ongoing for the Miami project, Related will likely push construction back to at least the end of 2018, sources told previously told TRD.
And Broward typically lags behind Miami in terms of sales. At Auberge in Fort Lauderdale, the north tower is more than 90 percent sold and the south tower is about 30 percent sold, according to the developer. Remaining units range from $1.4 million to $9.9 million. They will be completed between the fourth quarter of 2017 and the second quarter of 2018. Construction began in November.