Moderno Lands $102M for Fort Lauderdale High-Rise

ByCatherine G. Pinion

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Moderno Lands 2M for Fort Lauderdale High-Rise
Rendering of RIVR Lofts. Graphic courtesy of Aztec Team and Moderno Growth Team.

Moderno Development Group has secured a $102 million design personal loan from Sq. Mile Cash to develop RIVR Lofts, a 352-unit, mixed-use luxurious rental condominium local community in Fort Lauderdale’s Central Company District.

Information about the financial loan, organized by Peter Mekras of Miami-dependent Aztec Group, have been not disclosed.

Mekras reported in a organized assertion that closing a bank loan of this magnitude in the existing sector surroundings is a testament to the merit of RIVR Lofts and the sponsorship, loan company and investment banking course of action.

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The RIVR Lofts improvement staff is led by Doron Broman of Fort Lauderdale-centered Moderno. Broman assembled the 1-acre website in 2018 and secured entitlements for the 29-story residence in 2021. Moderno tapped Aztec Team on to structure a venture and resource design financing for the challenge. Moderno has assembled and repositioned several enhancement homes in the space and controls several acres of land there for foreseeable future vertical development.

Aztec and Moderno have worked with each other in the past. In early 2018, Aztec Team organized a $2.7 million sale of 27,000 sq. ft of land in Flagler Village, Fla., to establish a 12-story apartment making with up to 97 units on North East 1st Ave. Moderno tapped Aztec to sell the internet site, which went to a non-public Miami-dependent developer developing its initially job in Broward County.

Group specifics

RIVR Lofts is found at 307 W. 5th St. at the corner of SW 5th Avenue and SW 3rd Road in the emerging Tarpon River Enjoyment & Design and style District. The community will provide a blend of studios, one- and two-bed room units. Rents are anticipated to variety from roughly $1,800 to $2,500, in accordance to the project’s website. Amenities will include a rooftop pool, gymnasium, bash area, yoga studio, game room, barbecue grills and backyard-like greenspace. The assets will also have 2,700 sq. toes of ground-floor retail, a resident lounge and bar on the floor floor and on-web-site parking.

The venture team includes Moss Design of Fort Lauderdale and Robert Mathias of NCC Improvement of Boca Raton, Fla.

Broman stated in ready remarks RIVR Lofts will “serve as the residential heartbeat of TREDD.” He stated the funding from Aztec continues the firm’s efforts to staying vertical improvement to the location. Broman reported Moderno, which commenced producing in the region by converting industrial attributes to retail, is at the center of the Tarpon River area revitalization.


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