North Beach project moves ahead

Luxury condos get $23M in backing

A luxury boutique condo project — originally announced two years ago for the Fort Lauderdale North Beach area — is now moving forward after its developer received $23 million in financial support from private backers in South Florida and Canada.

The project, called 30 Thirty North Ocean and developed by an affiliate of Cavache Properties of Pompano Beach, is a two-building, five-story development with 24, two-level condo units and a ground-floor garage. Available units range in size from 2,100 to 2,400 square feet and are priced from $1.2 million to $1.55 million.

Sales were launched in late 2016. Construction was originally scheduled to begin in the summer of 2017, with completion slated for this summer. But ground was broken last December and completion is now scheduled for the first quarter of 2019. A Cavache spokeswoman attributed the schedule changes to delays in financing.

30 Thirty North Ocean is located amid single-family homes on the east side of State Road A1A, and south of Galt Ocean Mile and the twin L’Hermitage condo towers — on the last vacant piece of land of its size along A1A and south of East Oakland Park Boulevard.

Trez Forman Capital of Boynton Beach provided a $17 million construction loan to 30 Thirty North Ocean Blvd LLC, an affiliate of Cavache Properties. Roberts Equities of Boca Raton invested $6 million in the project.

“Securing this financing reflects the appeal of 30 Thirty by commercial lending institutions eager to invest in a project with an exceptional Fort Lauderdale Beach location,” said Adam Adache, managing partner of Cavache Properties LLC.

“Fort Lauderdale Beach’s residential market fundamentals continue to show great strength,” said Brett Forman, president and CEO of Trez Forman Capital. He said the project is compelling for its “proximity to the beach, business corridor and main highways,” as well as for the developer’s track record.

Cavache Properties plans to include a resort-style swimming pool, spa, clubhouse with kitchen, bar, TV lounge, billiards, sauna and gym. Other features will include private elevators, gazebo barbecue area, Wi-Fi in the common areas, and a private neighborhood security patrol.

Residents will be able to walk to a pair of neighborhood beach access points, as well as to a commercial sector north of the boulevard that is filled with restaurants, retail and entertainment venues. They include Martorano’s, Greek Islands Taverna, Fishtales Restaurant & Nightclub, 33rd Street Wine Bar, Blue Jean Blues and Bokampers Sports Bar & Grill, among others.

The project site is 10 blocks north of the city’s public beach strip.

Most of Cavache’s other projects are in Pompano Beach. They include Old Town Square, a 10-story, mixed-use building in the downtown innovation district consisting of 277 residential apartments with nearly 8,000 square feet of commercial/retail space; Acqua Camino Condominiums, which is two blocks west of the Atlantic Ocean; Santa Barbara Villas, located in the beach redevelopment corridor; and 14th & Ocean, a development of 21 luxury townhouses across the street from the ocean.

Cavache is also operating in the Orlando area, with a project called Waterford at Bridgewater Crossing under development on the Disney Corridor, according to the developer’s website.

In South Florida, Trez Forman Capital has also provided more than $23 million in financing for what is now known as the mixed-use Plantation Walk, and $85 million in financing for the 4 West Las Olas multi-family project in Fort Lauderdale.

Founded in 2016, Trez Forman Capital is a joint venture of Forman Capital of South Florida and Vancouver-based Trez Capital, one of Canada’s largest private commercial mortgage lenders. The joint venture says it expects to close on more than $400 million in deals this year in the United States and Canada.