Terra Group Scores $91M Refi for South Florida Community
- Aug 08, 2019
Development firm Terra Group has closed on a $91 million refinancing loan for its 387-unit luxury rental community, Pines Garden at City Center in Pembroke Pines, Fla. The company secured the loan through an affiliate of Mack Real Estate Group. Terra scored $56.8 million in construction financing for the project in January of last year.
The recently completed property is located at 10400 Southwest City Center Blvd., part of Terra’s 47-acre master-planned village Pines City Center. Roughly 40 percent of its apartments are already leased after opening to residents 3 months ago, according to a statement by the developer.
The community features garden apartments ranging from one to three bedrooms and townhouses with two or three bedrooms, measuring 651 to 1,491 square feet of living space along with private balconies and terraces. Monthly rents start in the range of $1,645 to $2,256 for the apartments and from $2,475 to $2,845 for the townhouses, depending on the number of rooms.
Amenities of the gated community include a two-story clubhouse with a fitness center, pool, coworking lounge, outdoor cooking area and other recreational facilities. The property is also within walking distance of the urban conveniences of Pines City Center, which is designed as a self-contained, live-work-play environment offering 300,000 square feet of retail, entertainment and restaurant space north of Miami.