Alta Secures $140M Construction Loan for Fort Lauderdale Rental Tower

Alta Developers has obtained a $140.2 million construction loan to build Alta New River, a luxury rental skyscraper in Fort Lauderdale, Florida. According to mortgage documents, JVP Management, acting as administrative agent, assumed a loan carrying $10.4 million of outstanding debt and increased it by $129.8 million.

The 35-story tower will include 400 apartments with an average size of roughly 840 square feet, plus a nine-story parking garage. The site sits at 100 Southwest Sixth Street, east of the Brightline rail tracks and a short distance south of the New River near downtown. Construction began last week, with Kaufman Lynn Construction as general contractor and completion targeted for the fourth quarter of 2028. The Miami-based developer bought the one-acre parcel for $20.8 million in 2022.

JVP's credit strategies head said the project fits the lender's criteria for well-located, high-quality assets. Citing Apartments.com, the article notes average rents in the city have held near $2,250 per month over the past year. Alta, led by Raimundo Onetto, also recently completed a Miami luxury condo tower with Related Group.

For developers and lenders, the deal signals continued financing appetite for new, amenity-rich downtown rental product in Fort Lauderdale.