Fort Lauderdale condo project obtains $50M loan to start site work
The developer of the Ombelle Fort Lauderdale condo project obtained a $50 million loan to fund the initial phase of construction, although a much larger loan will be required to complete the two-tower project.
Dwight Mortgage Trust provided the loan to Dependable Equities for the project on the 1.9-acre site at 300 N.E. Third Ave. The SBH Group’s Steven Hersko arranged the loan.
This $50 million mortgage will allow the developer to begin initial site work. However, the developer said roughly $350 million in construction financing will be needed to complete Ombelle, so another loan could be obtained later.
Ombelle is slated for two 44-story towers totaling 1.4 million square feet, with 754 condos and a 35,000-square-foot Equinox Fitness Club, the first Fort Lauderdale location for the upscale fitness group. The project would include more than 100,000 square feet of indoor and outdoor amenities, including a pool, a spa, coworking space, a fitness center, a yoga room, and indoor pickleball.
“This financing marks an important milestone at Ombelle and positions the project for continued success,” said Isaac Schlesinger, principal at Dependable Equities. “We are seeing solid engagement from buyers and a high level of interest in the overall vision, which continues to reinforce confidence in the project.”
The developer didn’t disclose a timeline for breaking ground or say how many units in Ombelle have been pre-sold, but it said the project should be completed in 2028. In most cases, a developer’s ability to obtain a large construction loan depends on their success in pre-selling units.
The condos are priced from the $400,000s. They would range from 465-square-foot studios to 2,831 square feet with four bedrooms. The developer launched sales in 2024.
New York-based ODA Architecture designed the project and Douglas Elliman is the exclusive sales agent.
This is located in the Flagler Village neighborhood, which has been booming with development in recent years. Most of the new multifamily buildings are rentals, so Ombelle offers residents an opportunity to own.
The developer purchased the site for $27 million in 2021.
