FORT LAUDERDALE, FL – Electra Capital, a boutique lender specializing in capital solutions for the multifamily industry, announced today that it has closed a $92 million bridge loan for Four West Las Olas, Elevate Partners’ new luxury apartment tower in downtown Fort Lauderdale, Fla. The loan replaces an existing construction loan for the property, which is currently 58% leased.
This marks Electra Capital’s entry into the bridge loan market, and is the largest loan Electra has originated to date. Electra Capital brought in Benefit Street Partners Realty Trust, a public non-traded mortgage REIT, to provide the senior mortgage of $76 million, while Electra Capital retained a $16 million mezzanine loan.
“This loan illustrates the strong demand for alternative forms of financing given the current dislocation of the capital markets,” said Samuel J. Greenblatt, CEO of Electra Capital. “Electra’s decades of multifamily expertise, and reputation for closing expeditiously, allowed us to provide Elevate Partners the necessary capital to complete lease up of its new luxury property in Fort Lauderdale.”
Michael Comparato, Head of Commercial Real Estate for Benefit Street, commented, “Sam and I have known each other for over two decades and we have provided financing to Electra affiliates in the past. We find Electra to be exceptional in asset selection which gave us the ability to commit and close on the transaction in 22 days start to finish.”
Cushman & Wakefield arranged the financing.
Denny St. Romain, Vice Chairman of Cushman & Wakefield stated. “The Electra Capital team were consummate professionals and worked diligently to close the loan. Their entire process from quote to closing proceeded smoothly. I expect them to be a very prolific lender given our experience with them on the loan for Four West Las Olas.”
The 25-story, 250-unit luxury apartment tower located at 4 West Las Olas Boulevard features studio, one-, two-, and three-bedroom floor plans, along with penthouses, ranging from 588 square feet to 1,376 square feet. Apartments feature quartz countertops, stainless steel appliances, full size washer/dryers, private balconies and view of the Atlantic Ocean and New River. Community amenities include a billiards/speak easy lounge with player piano, rooftop pool, sky club room, 24-hour state-of-the-art fitness center, coffee bar and business center, and garage parking.
Electra Capital is an active alternative lender, and has closed the following loans since the onset of the COVID-19:
- $12.2 million of preferred equity for the acquisition of the 330-unit Pines at Woodcreek Apartments in Houston, Tex.
- $3.25 million preferred equity investment in The Carter, a 300-unit apartment community in Norcross, Ga.
- $5.5 million preferred equity investment in Stonebridge at City Park Apartments, a 240-unit community in Houston, Tex.
- $4.09 million preferred equity investment in Element at University Park, a 192-unit apartment community in College Station, Tex.
About Electra Capital: Electra Capital provides bridge loans, mezzanine loans and preferred equity ranging from $5 million to $150 million. The firm benefits from the combined experience of its executive leadership team, who have collectively closed hundreds of transactions representing over $10 billion over their careers. Electra Capital boasts a national network of experts in acquisitions, underwriting, structuring, closing, and management, enabling us to effectively meet our client’s needs.