Grover Corlew Lands $114M for Florida Community
PNC Financial Service Group facilitated the refinancing through Fannie Mae.
Grover Corlew has obtained $114.4 million in refinancing for Mayla Pompano, a 355-unit luxury multifamily property in Pompano Beach, Fla., a Fort Lauderdale submarket. Fannie Mae provided the loan, while PNC Financial Services Group facilitated the deal.
The company will use the note to improve cash flow and also direct it towards their upcoming properties in Deerfield, Fla., Fort Lauderdale and Delray Beach, Fla. Previous financing for the Class A community includes a $78.2 million construction loan originated in January 2022 by PNC Bank, according to Yardi Matrix.
READ ALSO: What’s Ahead for the GSEs Under the New Administration?
The pair of eight-story buildings came online earlier this year. This marks the company’s first luxury multifamily property under the Mayla Residences brand.
The unit mix consists of one-, two- and three-bedroom floorplans, ranging between 548 and 1,383 square feet. Apartments feature private balconies or patios, as well as walk-in closets.
Common-area amenities at the almost 4-acre property include a two-story clubroom, coworking spaces, TV lounge, fitness center and swimming pools. Additionally, the community has bike storage facilities, outdoor kitchens and ample parking, along with a yoga studio, coffee bar and pet spa.
Located at 11 NE 24th Ave., Mayla Pompano is close to the Pompano Beach Airpark and several dining options. Downtown Fort Lauderdale is within 9 miles southwest.
Fannie Mae financing remains a top choice for owners
Fannie Mae owned or guaranteed an estimated 21 percent of all outstanding multifamily mortgage debt, as of the end of June. Earlier this year, RedPeak Properties obtained $51.1 million from the GSE to refinance Elowyn Townhomes, a 211-unit community in Denver. JLL Real Estate Capital will service the note.
In August, Hines Interests and Cresset Real Estate Partners received a $75.5 million refinancing loan from Northmarq’s proprietary Fannie Mae DUS platform for Brickline at The Mercantile. The 379-unit property is in Omaha, Neb., and is the first phase of a mixed-use development.
