OKO Group and Cain International have secured $97.2 million in construction financing for their next joint venture development: One River, a new 34-story luxury multifamily tower located addressed as 629 Southeast 5th Avenue in Downtown Fort Lauderdale, Florida. Financing is broken down into two loans, a senior construction loan provided by Bank OZK, and a mezzanine construction loan provided by JVP Management, which will fund the construction of the tower. One River will encompass 251 high-end apartments, 2,600 square feet of ground level retail space and a six-level 337-space parking garage on a 0.77-acre property. Vertical construction is scheduled to begin this summer, with delivery expected September 2024.
One River was designed by internationally acclaimed architecture firm Adrian Smith + Gordon Gill Architecture – whose design portfolio comprises some of the tallest landmark towers from across the globe, including the world’s tallest building, the 2,722-foot-tall Burj Khalifa in Dubai, New York City’s 1,550-foot-tall Central Park Tower, and the soon-to-be world’s tallest building, the 1,000-meter Jeddah Tower in Saudi Arabia – alongside local architect of record Dorsky + Yue International Architecture.
Well-appointed apartments will range from studios to three-bedroom units, measuring between 607 and 1,511 square feet in size. All units will boast high-end finishes, top-of-the line appliances, and expansive balconies featuring unobstructed east-facing river and ocean views.
Residents will have exclusive access to a resort-style rooftop pool deck and over 13,000 square feet of amenities, including a state-of-the-art fitness center with Yoga, Spinning and Pilates rooms, a spa with sauna and steam facilities, outdoor fitness deck, barbecue terrace, media room, lounge/game room, and a private kitchen/dining room. Residents will also enjoy a luxury hotel-style lobby, coworking lounge, package room, bike room and a dog spa.
One River is OKO Group’s and Cain International’s latest partnership in South Florida. The joint venture development team has another three projects currently under construction in Miami, including Missoni Baia, a luxury condominium in Edgewater; Una Residences, an ultra-luxury condominium on the Brickell waterfront; and 830 Brickell, a Class-A plus office tower in the Brickell Financial District.
Keith Kurland of Walker & Dunlop arranged the financing on behalf of the development team