Alta Developers lands $140.2M construction loan for 400 unit Fort Lauderdale tower
A large Florida apartment project has secured construction financing, in a market where average rents have stopped growing.
Commercial Observer reported Nov 2 that Alta Developers landed a $140.2M construction loan for Alta New River in Fort Lauderdale: 400 apartments in 35 storeys at 100 Southwest Sixth Street. Construction has started and completion is targeted for Q4 2028.
Fort Lauderdale average rents are flat at about $2,250 per month, according to Apartments.com figures cited in the brief.
For investors in Florida, a C&Co. target market, the underwriting tension is clear. Lenders are still funding large, well located rental construction, but a project completing in late 2028 will lease into a market where rents are flat today. The return case has to rest on location, absorption, and cost control, not on assumed rent growth.
Source: Commercial Observer, reported Nov 2, 2026.
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