The Latitude Group has secured $27.9 million in refinancing for a recently completed residential project in Fort Lauderdale, Florida. Edgewood Capital provided the loan for the condominium tower known as “The Terraces,” which is set to open this autumn. The financing underlines the continued interest in high-quality residential properties in sought-after locations.
The property, a luxurious 22-unit residential complex, is located at 527 Orton Avenue in Fort Lauderdale Beach, a prominent location in Florida. The Latitude Group had already received a construction loan of $24.5 million from Linkvest Capital in June 2024 to finance the project's realisation, as reported by The Real Deal at the time. The current refinancing secures the long-term funding for the property following its completion.
Background of the Transaction and Project Development
The current refinancing was arranged by BayBridge Real Estate Capital. A team comprising AJ Felberbaum, Jay Miller, Spencer Miller and Noah Rothman was instrumental in the successful handling of this complex transaction. These experts facilitated the structuring and closing of the loan, thereby establishing the financial foundation for the condominium’s upcoming operational phase. The Latitude Group had acquired the half-acre development plot back in 2020. The purchase price at that time amounted to $3.3 million, according to property records and cited by TRD. This acquisition laid the groundwork for the development of “The Terraces.”
According to the official project website, 60 per cent of the condominiums in “The Terraces” have already been sold. This high pre-sale rate signals strong market demand and buyers' confidence in the project’s quality and location. The rapid sales velocity suggests that the target group is positively receiving the offering of luxury flats in Fort Lauderdale Beach. The project is also equipped with a range of high-quality amenities designed to provide future residents with an exclusive and comfortable lifestyle.
Facilities and Parties Involved
- —Fitness centre
- —Yoga studio
- —Swimming pool
- —Cabanas
- —Communal kitchen
These diverse amenities contribute to the attractiveness of the residential complex and offer residents extensive recreational opportunities on-site. The focus is on wellness, relaxation, and community. Neither Edgewood Capital, the Latitude Group nor BayBridge Real Estate Capital were immediately available for comment on this transaction.
