Developer Asi Cymbal of Cymbal Development obtained a $60.3 million construction loan for an apartment complex in Dania Beach.
CAL Bridge Dania Beach, an affiliate of 3650 REIT, awarded the mortgage to Dania Pointe Waterfront, managed by Cymbal. It covers the 2.4-acre site at 150 S. Bryan Road. The loan was arranged by Jason Shapiro, Charles Penan, and Joel Zusman of Aztec Group. The 42-month loan has an 80% loan-to-development cost ratio.
The project is expected to break ground within 45 days.
“Oasis Pointe will be a transformative development in Dania Beach, and will activate an old, industrial property with a modern, waterfront multifamily community. Aztec is proud to have secured construction financing that exceeded our client’s expectations,” Penan said.
The property is located on the west side of Dania Pointe, a new mixed-use center that features shopping, dining, and apartments, as well as a future hotel and the headquarters of Spirit Airlines. It’s been credited for attracting more visitors and residents to the city.
Cymbal recently obtained approval to build an 8-story apartment building with 301 units there and a 19-slip boat club. The project will be called Oasis Pointe.
His company acquired the property for $4.8 million in July.
“We are pleased to fund the construction of what will be a premier destination in South Florida,” said 3650 REIT co-founder and Managing Partner Jonathan Roth. “This loan aligns with our bridge and event-driven strategy of providing financing to strong sponsors who are intimately familiar with their markets and have alignments of interest in ensuring the success of their projects. This property will help meet local demand for high-quality housing at an attainable price, which is in high demand proximate to the $1.0 billion Dania Pointe development and major regional employers Port Everglades and Fort Lauderdale International Airport.”
Meanwhile, Cymbal is seeking a design change for a big apartment project in downtown Fort Lauderdale. CAL Bridge Dania Beach also provided a $15 million mortgage covering Cymbal's Fort Lauderdale property.