News May 20, 2022
Chetrit scores $94M construction loan for oceanfront condo project in Pompano
The Real Deal reported that Chetrit Group has secured a $94 million construction loan from Madison Realty Capital for a planned waterfront luxury condo development in Pompano Beach. The site located at 2629 North Riverside Drive has plans for a 121-unit condo project with a 20-slip marina on a portion of the property in the Hillsboro Shores neighborhood. Miami-based Kobi Karp Architecture & Interior Design is designing the condo project, which is part of a planned larger mixed-use development. Madison is also Chetrit’s lender for its $1 billion mixed-use mega development planned for the Miami River. The developer secured a $310 million construction loan in November from Madison for the second and first phases of the project. As approved in 2015, the five-phase development calls for a 330-key hotel, 1,700 residential units, 266,000 square feet of retail and office, and more than 2,000 parking spaces. Henry Bodek of Galaxy Capital, arranged the loans.