FORT LAUDERDALE – Oct. 12, 2020 – Greenberg Traurig, P.A. Fort Lauderdale office Real Estate Shareholder Dan McCawley represented Elevate One River LLC in securing $92 million in bridge loan financing for the newly completed luxury apartment building 4 West Las Olas on Las Olas Boulevard in Fort Lauderdale.
The financing, which includes a three-year term with optional extensions, comprises loans from BSPRT CRE Finance, LLC, a Delaware limited liability company, and Electra Capital PM Originator, Inc., a Delaware corporation.
Elevate One River LLC, whose principles are Scott Bodenweber and Tom Vogel, is the developer of 4 West Las Olas, a 260-unit riverfront luxury rental community in downtown Fort Lauderdale with about 12,000 square feet of retail and 407 parking spaces. Denny St. Romain of Cushman & Wakefield was the broker for the loan. The building is approximately 65% leased.
“We were very pleased to represent Elevate One River in this important financing for a new building that already has exceptionally strong leasing activity. This history of early success gave the lenders confidence to close quickly on the financing, which also demonstrates continuing strong institutional investor interest in Downtown Fort Lauderdale,” said McCawley, who was assisted in the transaction by Greenberg Traurig Associate Zachary O. Bazara. “Even in the midst of challenges presented by COVID-19 and those involving the coordination of stakeholders located in numerous states, we were able to resolve any issues and close on the financing within just three weeks of receipt of 4 West Las Olas’ Final Certificate of Occupancy.”
McCawley has broad experience in the sale, purchase and leasing of commercial and residential properties including shopping centers, office buildings, industrial warehouses, apartment complexes, restaurants, golf courses, hotel projects, and undeveloped land. His practice also includes acting as lending counsel for several banks, structuring joint ventures and partnerships and the negotiation of construction contracts and land use agreements. In addition, McCawley is highly experienced in loan workouts, lease workouts, distressed real estate investments, and the acquisition and disposition of distressed loan portfolios
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