Florida Community Bank funds $12M for pre-development of Singer Island condo
POSTED ON October 17, 2017 - 5000 North Ocean
Florida Community Bank provided a $12 million loan for pre-development of the 5000 North Ocean condo project on Singer Island by Kolter Group.
The Weston-based bank (NYSE: FCB) awarded the mortgage to KT 5000 LLC, an affiliate of West Palm Beach-based Kolter Group. The future advance limit on the mortgage document was $150 million, which means the bank might fund additional construction for the project.
The 19-story, 48-unit condo has been approved at 5000 North Ocean Drive. Kolter bought the 4.4-acre site along the ocean for $15 million and tore down an older building.
Kolter Urban President Bob Vail said the FCB loan would support pre-development work on the site, which has already started.
"The project was launched in late 2016 and has enjoyed strong sales acceptance with over $30 million in contracts and another $18 million in ongoing reservations,” Vail said. "Residences will deliver in the Summer of 2019.”
Units will range from 3,211 to 6,314 square feet.