An affiliate of Rockpoint Group is set to break ground on a new 25-acre apartment community in Lauderdale Lakes after it scored a $53.9 million construction loan.
The loan, provided by Wells Fargo, covers a stretch of lakefront vacant land at 3750 West Commercial Boulevard near the Fort Lauderdale Executive Airport.
With financing in hand, the Rockpoint affiliate also filed a notice of commencement with Broward County to begin construction on the Atlantic Apartments, a rental complex with 420 garden-style units.
Rockpoint is a private equity firm with offices in Dallas, Texas; San Francisco, California; and Boston, Massachusetts. Some of its recent deals include the $30 million purchase of a retail building on Miami Beach’s booming Lincoln Road.
Besides its Atlantic Apartments project in Lauderdale Lakes, the company is also looking to build a 346-unit community of a similar name in Delray Beach, according to its website.
County records show the company paid $12.325 million for the land where it’s building Atlantic Apartments in October.