Wednesday, December 28, 2022 / by Dave Magua
Kolter nabs $240M construction loan for Fort Lauderdale condo towers
Kolter Urban started building Selene Oceanfront Residences, after scoring a $240 million construction loan for the pair of condominium towers that will be the tallest along Fort Lauderdale’s oceanfront.
The firm is developing the 26-story buildings, with 194 units combined, at 3000 Alhambra Street. Wells Fargo, as an administrative agent for several lenders, boosted a $17.4 million mortgage on the property by $222.6 million, records show.
Kolter Urban launched sales of Selene last year after obtaining final city commission approval for the project in 2020. The 300-foot tall towers will include nearly 6,000 square feet of retail and restaurant space, according to the project’s website. Kobi Karp is the architect.
Led by Bob Vail, Kolter Urban is the condo development arm of Delray Beach-based Kolter Group. The parent company also has subsidiaries focused on single-family homes, multifamily and hospitality, according to its website. Bobby Julien is CEO of Kolter Group.
The firm’s homebuilding division has projects in south Miami-Dade County and on a closed golf course in West Palm Beach.
Kolter paid $17.2 million a year ago for a 41-acre single-family home development site at 202 Northeast 18th Avenue in Homestead. Kolter also plans the 563-townhouse Antillia community on 45.8 acres of land it owns on the northeast corner of Southwest 360th Street and 180th Avenue in south Miami-Dade.
In July, Kolter Land dropped $36.9 million for a 57.3-acre shuttered golf course on the northeast corner of Okeechobee Boulevard and North Haverhill Road in West Palm Beach, with plans for a new residential community.
In Fort Lauderdale, developers have largely focused on inland areas such as the Flagler Village and the Historic Sistrunk District, but Kolter is not alone in building close to the beach.
In October, Rishi Kapoor’s Coral Gables-based Location Ventures launched sales of 65 condos at the city’s first Edition Residences-branded project. The pair of 11-story buildings are planned for 551 Bayshore Drive in Fort Lauderdale.