Motwani lands $20M for Las Olas Riverfront
Partnership paid $16.7M for the Mediterranean-style development in 2011
September 04, 2015 04:30PM
By Katherine Kallergis
A company tied to Dev Motwani has closed on a $20 million mortgage for the Las Olas Riverfront, according to Broward County records.
The 3.7 acre property, at 300 Southwest First Avenue in downtown Fort Lauderdale, opened in 1998. The limited partnership paid $16.7 million for the Mediterranean-style development in 2011, according to Broward County property records.
Motwani, in a previous interview with The Real Deal, said the riverwalk kick-started development in the area, but was shut down for redevelopment toward the end of the last cycle. In June, he said his family’s company, Merrimac Ventures, was talking to a number of joint venture development partners, and looking to turn into into a “large scale mixed-use project with residences, hotel, retail and possibly office.”
Las Olas Riverfront LP landed the loan, with the option to increase it to $40 million. Florida Community Bank is the lender. Also in Motwani’s portfolio: the Gale Boutique Hotel & Residences nearby, the Four Seasons in Fort Lauderdale and
Source: The Real Deal