Broward apartment complex gets $32M construction loan

2800 block of North State Road 7
2800 block of North State Road 7

Ocean Bank approved a $32 million mortgage to a Miami-based company last week for construction on a 282-unit apartment complex in Margate, according to Broward County public records.

Celebration Pointe Townhomes sold the 14.3-acre land to the lendee, Celebration Pointe North LLC, in December of 2013 for $7.5 million after facing foreclosure on a $14.6 million mortgage. Both companies have Martha Fernandez, Carlos Garcia and Omar Fonte listed as managers.

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Longhorn Construction LLC will build the complex, which will be located on the 2800 block of North State Road 7, according to county records.