Alta New River secures $140.2 million construction loan
JVP Management says the 400-unit Fort Lauderdale rental tower is expected to begin construction in November.
Key Takeaways
- •JVP says it provided a $140.2 million senior construction loan to Alta Developers.
- •The proposed downtown Fort Lauderdale tower would contain 400 rental apartments.
- •JVP expects construction to begin in November and finish in the fourth quarter of 2028.
JVP Management has provided Alta Developers a $140.2 million senior construction loan for Alta New River, a planned 35-story rental tower in downtown Fort Lauderdale.
The 400-unit project is planned for 100 SW Sixth St. Construction is expected to begin in November, with completion anticipated in the fourth quarter of 2028, JVP said in its Nov. 2 financing announcement.
The lender described the loan as its third transaction with Alta. JVP said it sourced and structured the financing directly with the Coconut Grove-based developer. The announcement did not specify an interest rate or maturity date.
The apartments are expected to average about 840 square feet. Alta New River is planned as a rental building, with a nine-story parking garage and shared amenities including a pool deck, fitness center, coworking lounge, club rooms and a spa, according to the lender.
JVP placed the property about two blocks from the New River Riverwalk and less than a mile from Fort Lauderdale’s Brightline station. The location puts the proposed building within the downtown area near Las Olas Boulevard as well as the riverfront.
Kaufman Lynn Construction is the general contractor, and Dorsky + Yue International is the architect. One Line Design Studio is leading interior design, while Greystar is expected to manage the property after completion.
JVP is a New York-based investment manager focused on real estate credit and equity investments. Alta, which is based in Coconut Grove, develops residential projects across Miami-Dade, Broward and Palm Beach counties, according to the announcement.
