Edgewood Capital Provides $27.9 Million Refinancing for Fort Lauderdale Condo Project

Edgewood Capital has provided a $27.9 million refinancing loan to Latitude Group for its recently completed Terraces condominium project in Fort Lauderdale, Florida. The 22-unit tower, located at 527 Orton Avenue in Fort Lauderdale Beach, is scheduled to open this fall. This new financing follows a $24.5 million construction loan secured from Linkvest Capital in June 2024, which funded the development.

BayBridge Real Estate Capital was responsible for arranging the refinancing deal. Latitude Group initially acquired the half-acre development site for the project in 2020 for $3.3 million. Market interest in the property is strong, with sixty percent of the condos already sold. The Terraces offers various amenities, including a fitness center, yoga studio, swimming pool, cabanas, and a community kitchen, enhancing its appeal to prospective residents.

For developers and lenders, this refinancing underscores continued liquidity and investor confidence in new residential projects in key Florida markets, particularly as properties transition from construction to occupancy. It highlights the availability of capital for well-located, pre-sold developments.