The Real Deal Miami

Altman lands $44M loan for Pembroke Pines site

Plans for the property include a mid-rise apartment community

October 05, 2015 02:15PM
By Sean Stewart-Muniz

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The Altis at Pembroke Gardens development site in Pembroke Pines

The Altis at Pembroke Gardens development site in Pembroke Pines

The Altman Companies, a multifamily developer based in Boca Raton, just scored $44 million in financing for a development site in Pembroke Pines.

The loan, issued by PNC Bank, covers more than six acres of vacant land to the east of the Shops at Pembroke Gardens, located at 527 Southwest 145th Terrace.

Altis Pembroke Gardens LLC, an affiliate of the Altman Companies, acquired the land through a deed filed in Broward County on Monday. No monetary amount was recorded.

The seller was an affiliate of Duke Realty, a publicly traded real estate company headquartered in Indiana. Duke built the Shops at Pembroke in 2008 and later sold the retail center for a whopping $188 million to a joint venture in 2013, but retained ownership of the vacant land for two more years.

A city agenda from February said plans for the site included building 280 luxury apartments along with a parking garage and surface parking. Amenities would include a resort-style pool, balconies or patios for every unit and charging stations for electric vehicles. The agenda also noted that the application came with a letter of commitment “to contribute $500 per unit to the Affordable Housing Fund.”

Attempts to reach the Altman Companies were unsuccessful. The company has sold several of its apartment complexes this year. In February, an Altis-branded community in Pembroke Pines was sold for $78 million. And a month before that, Altman sold a Coconut Creek complex for $62 million.

The story will be updated as more information becomes available.