JLL Capital Markets announced that it has secured the $117 million financing for Rivr Lofts, a newly delivered 352-unit, Class A multifamily property located in downtown Fort Lauderdale, Florida.
JLL worked on behalf of Moderno Development Group, in arranging the three-year, floating-rate loan. Based in Miami and Fort Lauderdale, Moderno Development Group develops and self-manages over $500 million in real estate projects ranging from high-rise apartment buildings to adaptive re-use urban warehouses and townhouses.
The newly constructed Rivr Lofts is located at 307 SW 5th Street in Fort Lauderdale’s Tarpon River Entertainment & Design District. The property benefits from its strategic position near downtown Fort Lauderdale’s business district, Las Olas Boulevard’s upscale shopping and dining, and offers residents convenient access to major employers.
Fort Lauderdale continues to be a thriving coastal city with approximately 190,950 residents and an average household income of $128,333, significantly higher than the Florida average. The city’s diverse economy is anchored by major employers and has demonstrated exceptional market fundamentals with 94.4% occupancy rates and strong rental growth.
Rivr Lofts, completed in November 2024 and currently 65% leased, offers a mix of studios, one- and two-bedroom residences averaging 649 square feet across 231,113 rentable square feet. Each unit features exposed concrete ceilings, Italian-inspired kitchens with quartz countertops, smart home technology and energy-efficient appliances, while select residences boast floor-to-ceiling windows and soaring 10-foot ceilings.
JLL Capital Market’s Debt Advisory team representing the borrower was led by Scott Aiese, Alex Staikos and Michael DiCosimo.
“We’re very pleased to announce the completion of another milestone in Rivr Lofts journey with the successful refinancing of our construction loan. We want to thank all our partners who helped us reach this achievement. Rivr Lofts has exceeded all our expectations and continues to receive outstanding feedback from the TREDD community and our residents,” said Doron Broman, CEO & Founder of Moderno Development Group.
“Rivr Lofts represents the evolution of luxury living in downtown Fort Lauderdale with its thoughtful design, premium amenities and strategic location,” commented Aiese. “The successful arrangement of this financing underscores the continued strength of the Fort Lauderdale multifamily market and investors’ confidence in high-quality assets.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
