Arnstein & Lehr attorney Luis Flores is paving the path for Property Market Group's first development in Broward County.

The Miami partner originally helped PMG purchase 2.4 acres at Las Olas Riverfront in January. The developer acquired a large chunk of the underperforming Fort Lauderdale retail center for $29 million from developer Dev Motwani, with plans to transform it into a mixed-use development with over 1,000 rental units.

Flores has now negotiated a $154 million construction loan for the first phase of the Riverfront project. He has represented PMG in its South Florida ventures over the last decade.

He led a team that included Arnstein & Lehr partners Lori Hartglass, Rebecca Sarelson and Anthony Kang to secure financing from Broad Street Real Estate Credit Partners III, a fund tied to Goldman, Sachs & Co.'s merchant banking division.

Courtney and Jason Crush of Crush Law in Fort Lauderdale assisted with land use and zoning matters.

The funds will fuel the first phase of PMG's project, which includes a 36-story, 600-unit apartment tower with 100,000 square feet of amenity space, rooftop terrace and large public plaza featuring food and beverage offerings.

"The transaction highlights the growing confidence in South Florida's rental market," Flores said. "We are increasingly seeing as many construction loans for rental projects as we see for condominium developments. This is a new trend for our region."

The complex project is still in the planning stage, forcing the legal team to approach the transaction creatively "We did an interesting thing where we structured the ownership like a land trust," Flores said.

He did so because the developers are unable to establish the exact legal description of phase one's multiple components, such as where the four corners of the tower will sit.

The land trust gives the developers more flexibility: The team can alter the project over the term of the construction loan, Flores said.

"We decided to take ownership in a land trust with multiple beneficiaries who will ultimately be the owners of those different components," he said. "It's not a regularly used vehicle of ownership, but it's preferred for these types of developments that are still being molded."

When the development is complete, the beneficiaries can deed out different pieces of the property without triggering transfer issues or taxes, Flores said.

Flores, who said he worked through his July 4 holiday in Mexico to complete the transaction, works real estate projects from start to finish. He helps the developer buy the dirt, arranges the construction loan and facilitates condominium closings or, in the case of an apartment project, guides the leasing process.