Merrimac Lands $72M Construction Loan for South Florida Community
- May 28, 2021
Merrimac Ventures has secured two construction loans for its $90 million multifamily project in Plantation, Fla. Bank OZK provided $50.6 million in construction financing while CanAm Enterprises provided a $21 million loan to break ground on Merrimac Plantation. Ackman Ziff’s David Harte, Jason Krane and Simon Ziff brokered the loans for the developer.
Merrimac tapped the local firm Kaufman Lynn Construction as general contractor, who will start construction on the project in June. The six-story community is expected to be completed by 2023, where it will add 306 units to the South Florida market. The 293,945-square-foot Merrimac Plantation will also be built with a pool, gym, clubroom, game room and 543 parking spaces.
Co-CEOs of Merrimac, Dev and Nitin Motwani, said in a prepared statement that there was growing demand for market-rate rental housing in Central Broward county where Merrimac Plantation is located. The CEOs also noted in prepared remarks that the area was seeing an influx of new residents due to its accessible location, quality of life and proximity to major employers.
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In recent years, Nitin Motwani has been working with the Falcone Group and CIM Group on the 27-acre master-planned mixed-use Miami Worldcenter development. With the $4 billion project nearing completion, Nitin Motwani is shifting his attention to more projects at Merrimac Ventures with his brother, Dev, according to Merrimac.
Besides Merrimac Plantation, the company has several residential projects in South Florida in its development pipeline. In Fort Lauderdale, Fla., Merrimac is working on a two-phase mixed-use multifamily project that will have two towers totaling 1,214 units as well as an 11-story condominium building. The developer also has plans for a 27-story luxury condominium tower with 92 units in Pompano Beach, Fla.