The Real Deal Miami

Joint venture nabs $41M construction loan for Davie apartments

Parc 3400 will have 259 luxury rentals in four low-rise buildings

May 06, 2016 10:30AM
By Katherine Kallergis

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3400 Parc construction

Parc 3400 construction site

A trio of developers, led by Rosemurgy Properties, just closed on a $41 million construction loan for Parc 3400, a luxury rental community in Davie. 

3400 parc

Parc 3400

RAG Davie LLC, a joint venture between Giles Capital Group, FSG Holdings and Rosemurgy, is building a 259-unit apartment complex at 3400 Davie Road. Mutual of Omaha is financing construction, which began earlier this year.

Parc 3400 will include four five-story buildings with one-, tw0-, and three-bedroom units. The apartments will have granite countertops, walk-in closets, washing machines and dryers, impact-resistant windows, and private balconies and patios. The Davie development’s common-area amenities will include a clubhouse and swimming pool, 84 parking spaces for bicycles and car charging stations.

The developers paid $8 million for the 8-acre plot in 2014, which breaks down to about $23 per square foot. Records show Pompano Beach-based CB Construction is the general contractor.

Rosemurgy’s portfolio includes multifamily, retail, self-storage, office and land properties, according to the company’s website. Earlier this year, the company sold three student housing communities in Boca Raton for $105 million to a Bahrain-based investment manager.