Related Group secures $27M construction loan for Broward apartments
Related Group secured a construction loan to build more apartment rentals in Broward County.
Related’s affiliate RD Davie secured a $27.1 million loan from Regions Banks on Dec. 8, according to public records.
The loan is backed by nearly 11 acres at the northeast corner of University Drive and Sterling Road in Davie. Related’s affiliate acquired the site for $6 million in March.
The rental project is part of the 1,100 units that Related announced in September it would be building throughout South Florida, including Delray Beach, Pembroke Pines and Doral.
The company is responding to a growing demand for rental units in areas with a large employment base. The Davie location has another advantage for a rental community: it’s a short distance away from Nova Southeastern University, Broward College, Florida International University and Florida Atlantic University campuses.
Related secured the loan a few months after obtaining a $49 million construction loan to build an apartment complex in Pembroke Pines. Related’s RD Pembroke Apartments received the funding from Bank of America and Cadence Bank in August.