Joseph Kavana lands $38M construction loan for Metropica

Developer Joseph Kavana has closed on $38 million in financing for Metropica, a planned 65-acre mixed-use community in southwest Broward County. 

The construction financing breaks down to: a $17 million loan from Ontario-based Buckingham Charitable Foundation, a $16 million loan from Nova Scotia-based FCMI Parent Co., and a $5 million loan from New York-based 1895 Management Ltd, according to Broward County records.

Kavana, chairman and CEO of the KGH Development, along with the Trillist Companies, broke ground on the first residential tower in October. Yoo at Metropica, the 28-story condominium with 263 units and 10 penthouses will be completed in 2017.

Most of the financing will be used for the underground, utilities and infrastructure of the project, according to a spokesperson.

Metropica will include eight residential towers, 400,000 square feet of retail, 650,000 square feet of office space, and landscaped parks, the latter of which will be designed by EDSA. When completed, the Sunrise community will feature a health and wellness center, a resort-style beach club and elevated recreational amenities such as tennis courts and mini soccer fields. Chad Oppenheim is the lead designer.

In October, Kavana said sales for the first tower exceeded 40 percent. Tenants of the retail component include Shake Shack, Pisco y Nazca, Salsa Fiesta, True Food Kitchens, Anthropologie, Free People; Kendra Scott jewelry; and Oil and Vinegar.