Grant Cardone Lands $64M Loan on Fort Lauderdale Apartments – Commercial Observer


In another deal from prominent real estate investors Grant Cardone, Fort Lauderdale apartment complex has a new owner, name, and loan.

Cardone Capital acquired the 310 unit Enjoy the Harbor Park Apartments and renamed As 10X Living in Fort Lauderdale, the Aventura-based company said in a statement.

New York Community Bank A $ 63.5 million loan was made according to a mortgage filed in Broward County. The seven-year loan includes, according to information from Meridian Capital Groupwho arranged the funding.

"Meridian was able to leverage our unique relationship with the lender to structure the playing field despite various challenges related to leasing and COVID, ”he said Israel Schubert, Senior Managing Director at Meridian, in prepared remarks.

In a tweet, Cardone called the deal "another monster closed to our investors".

The recently built project is at 1919 SE 10th Avenue, near 17th Street Causeway. The eight story property was bought by Cardone Equity Fund XIThis allows accredited investors to participate in institutional real estate transactions through crowdfunding.

Robert Given of Cushman and Wakefield represented the seller who developed the property in 2018.

The project's one- and two-room apartments are an average of 1,074 square meters. Apartments have kitchen islands, quartz countertops, 12-foot ceilings, walk-in closets, and full-size washers and dryers. Common spaces include a yoga studio, fitness center, pet spa, and parking garage with charging points for electric vehicles.

Cardone Capital did not disclose the purchase price and no deed was available. The company now owns nearly 9,000 units in Florida, Texas, Alabama, Georgia, and Maryland.

Cardone Capital claims it has raised $ 532 million through its crowdfunding model. Founder Grant Cardone is a writer by "The 10X Rule" and a speaker who is one of three entrepreneurs to star in the current season of Discovery Channel'S "Undercover Billionaire" series.


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https://businessservicesnews.ca/grant-cardone-lands-64m-loan-on-fort-lauderdale-apartments-commercial-observer/

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