Moderno Obtains $117M Financing for Ft. Lauderdale Apartments
Moderno Development Group closed on a $117 million loan to refinance Rivr Lofts, a newly delivered 352-unit multifamily property in Fort Lauderdale.
JLL arranged the three-year, floating-rate loan. Scott Aiese, Alex Staikos, and Michael DiCosimo led JLL Capital Market’s Debt Advisory team, which represented the borrower.
The newly constructed Rivr Lofts is located at 307 SW 5th St. in Fort Lauderdale’s Tarpon River Entertainment & Design District.
Rivr Lofts, completed in November 2024 and currently 65% leased, offers a mix of studios, one- and two-bedroom residences averaging 649 square feet. Residents enjoy Fort Lauderdale’s highest rooftop pool with panoramic river, city and ocean views, a fitness center, sunset rooftop lounge and clubhouse, and a 3,000-square-foot coworking space.
Moderno Development Group develops and self-manages over $500 million in real estate projects ranging from high-rise apartment buildings to adaptive reuse urban warehouses and townhouses.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout