JV Lands $41M to Develop Class A Community in South Florida
- May 12, 2016
Miami—A joint venture between Giles Capital Group, Rosemurgy Properties and FSG Holdings is set to bring luxury apartments to Davie, Fla., thanks to a $41 million construction loan secured by HFF. The partnership will develop Parc3400, a 259-unit Class A community set for completion in summer 2017.
HFF’s debt placement team led by Managing Director Elliott Throne placed the construction loan with Mutual of Omaha Bank and Park Partners Residential will manage and lease the property. Park Partners Residential was formed in 2014 as a joint venture between Giles Capital and Rosemurgy Properties.
Throne said the developers’ experience with the South Florida market and previous partnership with the lender made the deal a success. “The pairing between the developers and lender was a natural fit given their success on a recently completed project in nearby Boca Raton,” Throne said.
He’s referring to a three-year construction loan HFF helped Giles Capital anad Rosemurgy Properties (along with Lewis Rental Properties) secure through Mutual of Omaha Bank for the 159-unit student housing community University Park in 2014. The partnership developed the community and sold it along with University Square and University View in a $105 million Boca Raton student housing portfolio this January.
For this project, the developers bought the 8-acre property in 2014 for $8 million and construction began on Parc3400 this March. The property is situated near the southwest intersection of I-595 and the Florida Turnpike at 3400 Davie Road, near Nova Southeastern University and about 25 miles north of Miami.
In March, Giles Capital CEO and Park Partners Residential Managing Partner Rick Giles told MHN that the company was attracted to the property because Broward County is one of the strongest rental markets in Florida.
The community will include four buildings with one-, two- and three-bedroom floor plans. Units will feature granite countertops, stainless steel appliances, walk-in closets, in-unit washers and dryers, and private balconies and patios. Site amenities will include a resort-style swimming pool, pavilion. clubhouse, 84 bicycle spaces and car charging stations.
Rendering courtesy of HFF