Dania Beach Apartment Project Nabs Construction Loan
Posted On: July 2, 2021

A company led by Daniel Kodsi, CEO of Miami-based Royal Palm Cos., obtained a $64.72 million construction loan to build apartments in Dania Beach. Vancouver-based Trez Capital Florida Corp. provided the mortgage to Dania Beach Apts LLC, a partnership led by Kodsi, with developer Rafael Pecchio as a minority partner. The developer recently acquired the 4.1-acre site at 600 E. Dania Beach Blvd. for $8 million from Florida Park Development LLC, also led by Kodsi. Kodsi said the property sale brought in new partners who wanted to participate in the development while allowing investors only interested in the land deal to exit. The Elevate apartments will rise eight stories with 293 units, Kodsi said. He plans to break ground with New York-based general contractor Plaza Construction in a few weeks. Construction is expected to take 18 to 20 months. “What really makes this site phenomenal is it’s a quick bike ride or even a walk to the beach,” Kodsi said. “It has kayaking nearby. It gives you the sense of an old Florida lifestyle.” While the site is just north of a nature preserve, it’s also close to major employment centers such as Fort
Lauderdale/Hollywood International Airport and Port Everglades, as well as the Dania Point mixed-use center.

Kodsi said amenities at Elevate will include a pool deck, a fitness center, a business center, and large storage areas for water sports equipment. Units will range from 700-square-foot studios to two bedrooms of just over 1,000 square feet, he added. “The units are somewhat smaller to create more affordability,” Kodsi said. “This is for the workforce that lives in Broward.” The architect of Elevate is NMD Nomadas in Aventura. “The borrower has a strong history delivering millions of square feet of residential and mixed-use real estate projects to the Florida market over the past six decades,” Trez Capital VP Ben Jacobson said. “When you couple that experience with the fact that there is still exceptionally strong demand for new rental housing in well-located areas, I fully expect this project to be a home run.”

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