JVP Management has provided a $140.2 million senior construction loan to Alta Developers for a planned 400-apartment tower in downtown Fort Lauderdale, the lender announced Monday, November 2. Construction of the 35-story Alta New River is expected to start this month, with completion anticipated in the fourth quarter of 2028, according to JVP.
The financing announcement places the project at 100 SW 6th Street and describes the transaction as JVP’s third with Alta. The loan was sourced and structured directly with the developer, JVP said. The companies did not disclose an interest rate, maturity or total development cost; the $140.2 million is the construction loan amount, not a stated price for the entire project.
The planned rental residences will average approximately 840 square feet. JVP lists a pool deck, outdoor kitchen, fitness facilities, co-working lounge, club rooms and spa among the proposed amenities, along with a nine-story parking garage. These are plans for the future building, not facilities already open to residents.
The site is two blocks from the New River Riverwalk and less than a mile from Fort Lauderdale’s Brightline station, according to the lender. Alta CEO Raimundo Onetto described the development in the announcement as the company’s third residential project in Fort Lauderdale.
There is a difference in the publicly posted delivery schedules. Alta’s own project page, under the name New River Central, lists the same address, 400 units and 35 stories but gives a planned completion year of 2029. JVP’s November 2 announcement instead anticipates the fourth quarter of 2028. Neither source explains the difference, so the earlier date remains a lender-stated target rather than a guaranteed opening.
Kaufman Lynn Construction is the general contractor, Dorsky + Yue International is the architect and One Line Design Studio is leading interior design, the financing announcement says. Greystar is expected to manage the property upon completion. JVP identified Anthony Shaskus, Aaron Jurist and Liam Dai as the loan’s originators.
The financing advances a planned rental development rather than a purchase of an operating apartment building. The announcement did not provide a rent schedule or leasing commitments. Those omissions limit what the loan alone says about the project’s eventual rental income or returns to investors.
JBizNews Desk | Fort Lauderdale, Florida
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