A joint venture between OKO Group and Cain International secured $97.2 million in construction financing for One River, a new luxury multi-family tower in downtown Fort Lauderdale, Florida. Financing for the construction of the 34-story tower includes two loans. The first is a senior construction loan provided by OZK Bank. The second is a mezzanine construction loan furnished by JVP management.
Be located at 629 SE 5e Ave., One River will feature 251 apartments, as well as 2,600 square feet of retail space on the ground floor. The tower was designed by a well-known architectural firm Adrian Smith + Gordon Gill. The company’s portfolio includes some of the world’s tallest iconic towers. Vertical construction is expected to begin this summer. Delivery is scheduled for September 2024.
One River will offer floor plans ranging from studios to three-bedroom homes. They will range in size from 607 to 1,511 square feet. Features of the residences will include high-end appliances and large balconies with sweeping easterly views. The property will offer more than 13,000 square feet of equipment, including a fitness room with rooms for yoga, spinning and Pilates.
The development is the latest partnership in South Florida for OKO Group and Cain International. Other projects currently under construction include Missoni Baia, a luxury condominium in Edgewater; Una Residences, an ultra-luxe beachfront condominium in Miami’s Brickell; and the 830 Brickell Class A-plus office tower in the Brickell Financial District. Working on behalf of the joint venture development team, Keith Kurland of Walker and Dunlop arranged the financing. Two months ago, Moderno Development Group secured a $102 million construction loan to build a luxury multifamily resort in Fort Lauderdale’s central business district.