Ceiba Secures $67M Refi for Fort Lauderdale Apartments

Zona Village. Image courtesy of Ceiba Groupe

Ceiba Groupe has secured a $67 million loan to refinance the newly constructed Zona Village apartment building in Davie, Fla., a few miles from downtown Fort Lauderdale. Walker & Dunlop arranged the 10-year, nonrecourse loan with a national life insurance company to replace the multifamily property’s existing construction financing.

The 201-unit Zona Village, located at 3890 Davie Road, offers studio, one- and two-bedroom apartments, averaging 788 square feet. Unit amenities include digital locks, above-standard ceiling height, energy-efficient stainless-steel appliances, full-size washer/dryer, granite countertops, farmhouse kitchen sinks, modern finishes, hurricane-impact windows, large closets and a private balcony/patio in select units.

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Resident amenities include controlled access, a functional fitness and cross fit inspired health club, a sports lounge and gaming area, a communal study and seating area, a conference room, a resort-style pool with expansive deck area, an outdoor whirlpool jacuzzi, poolside electric grilling stations, a pet care spa, bike storage, a parking garage, dry cleaning and laundry service and 24-hour emergency maintenance.

The property includes 16,500 square feet of ground-floor retail space with pedestrian walkways. The tenants include Axelle Salon, Cell Fix Expert, Dulcies Jamaican & Everything, Enlightenment Med Spa and Tealicious.

Booming Neighborhood

Zona Village is in downtown Davie directly across the street from the mixed-use The Academic Village, a joint venture of Nova Southeastern University and private developers. According to the university’s website, the high-tech research/office park will have nearly three million square feet of office, retail, financial, governmental and residential space, a hotel and a conference center. Zona Village is less than 8 miles from downtown Fort Lauderdale, 22 miles from downtown Miami and is close to I-595 and the Florida Turnpike.

Ceiba broke ground on Zona Village in June 2019 and completed construction of the property this past year. The apartment building was designed by FSMY Architects & Planners.

The company recently launched the development of the 250-unit Zona Place, its second multifamily project in downtown Davie. The property is on a 3.3-acre site on the northeast corner of Davie Road and Southwest 38th Court, according to a document from the Planning & Zoning Division of the Town of Davie. The apartment building will offer a mix of studio, one-, two- and three-bedroom units and nearly 4,500 square feet of retail space. Zona Place was designed by FSMY, which states on its website that the project received site plan approvals from the town in late December.

Tom Melody, Eric McGlynn, Jonathan Paine and Wes Wallace with Walker & Dunlop handled the financing for Ceiba. The loan replaced a $45.8 million construction loan funded by Synovus Bank the borrower received in 2019 to build Zona Village.