Edgewood takes out a Fort Lauderdale condo sell-out

Edgewood Capital has written the $27.9 million loan that takes out Latitude Group's Terraces condominium tower at 527 Orton Avenue in Fort Lauderdale, retiring the $24.5 million construction facility Linkvest Capital provided in June 2024, with BayBridge Real Estate Capital arranging the placement while the newly completed 22-unit building heads toward a fall debut with 60 percent of its units sold, according to the project's website. BayBridge's team on the placement was AJ Felberbaum, Jay Miller, Spencer Miller and Noah Rothman.

The new loan is $3.4 million larger than the one it replaces, and the record does not explain the increase—accrued interest, capitalized costs, or additional proceeds—while pricing, term, and loan-to-cost go unstated and none of Edgewood, Latitude, or BayBridge returned requests for comment. Latitude bought the site in 2020 for $3.3 million, according to The Real Deal citing property records; the construction loan came in at $24.5 million and the takeout is $27.9 million across 22 units, roughly $1.27 million a door. On a building that size, the unsold 40 percent of the inventory decides whether this is a clean takeout or a longer conversation.

No bank appears anywhere in the account: Latitude built with private construction debt and is taking out with private refinancing debt. That matches what this publication flagged when BridgeInvest took the stabilized takeout on a Miami Beach office asset whose remaining leasing hinged on a municipal election, and when CIBC's three-year nonrecourse loan to SkyREM showed the refinancing wall clearing without distress at the top of the market. Small condo inventory runs the same logic without the headlines, because the takeout lender is underwriting absorption instead of square footage.

The refinancing wall is sorting into short bank paper for earned income and equity for the forecast, and a 22-unit tower at 60 percent presold sits at the small end of that sorting, where the cushion behind the debt is the last handful of contracts rather than a construction budget. Condo contracts on a building that has not opened are commitments, not cash, and eight or nine of them stand between this loan and a workout.

The amenities that come with the Terraces, from the yoga studio to the cabanas to the community kitchen, are brochure material; what prices a loan on a 22-unit building is closing velocity after the fall debut, and at this size a single buyer who walks changes the math more than a market shift would.