The developer of a boutique condominium near the beach in Fort Lauderdale got a $17 million construction loan to build the 24-unit building.
Cavache Properties closed the loan to build 30 Thirty North Ocean on April 20. Site work is under way.
Slightly more than one acre, the development site at 3030 North Ocean Boulevard, near the twin 27-story buildings that compose the L’Hermitage condominium, a beachfront high-rise built in 1998.
Brett Forman, president and CEO of Trez Forman Capital Group, arranged the $17 million construction loan.
Adam Adache of Adache Real Estate represented the borrower, according to a press release by Trez Forman.
Adache also is managing director of Cavache Properties and one of the investors who bought the development site for $3.3 million in 2016.
Formed in 2016, Trez Forman is a joint venture of Trez Capital Group of Vancouver, a leading commercial mortgage lender in Canada, and Palm Beach-based Forman Capital.
Trez Forman closed more than $200 million in commercial mortgage financing in the first quarter, and the venture expects to close $400 million this year.– Mike Seemuth