$13M Loan Fuels 172-Unit Sapphire Project

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FORT LAUDERDALE, FL-Altman Cos. of Boca Raton obtained a $13.1-million land acquisition and predevelopment loan to begin construction of the 172-unit Sapphire residential condominium at the former Cleveland Clinic site here. Groundbreaking is scheduled for first-quarter 2006 with completion in fourth-quarter 2007.

AmSouth Bank of Boca Raton financed the loan, which is structured to expand into a full construction and development loan at the beginning of vertical construction, Jeffrey Shulman, SVP of AmSouth, says without disclosing the loan terms and rates. Joel Altman, chairman of Altman Cos., also declined to tell GlobeSt.com the cost of acquiring the site or projected construction costs.

“The city has made a commitment to developing the beach area,” he says, “and Sapphire coincides with that redevelopment and is the only development of its magnitude along that stretch of A1A along the beach.” The site lay vacant for several years.

Miami-based Kobi Karp designed Sapphire, which consists of two 12-story buildings each containing 86 two- and three-bedroom units. They range from 1,274 sf to 1,888 sf under air and include 12 penthouses from 1,573 sf to 2,680 sf. Pre-construction prices begin in the $400,000s and reach to the $600,000s. locally based Premier Sales Group is handling the sales and marketing.

In addition to the property’s amenities, which include pool, sundeck, spa and valet parking, condo owners receive membership to Harbor Beach Marriott Resort & Spa, which is just south of Sapphire. It contains three restaurants, pool, fitness center and a 22,000-sf spa.