The Real Deal Miami

Broward apartment complex gets $32M construction loan

Ocean Bank was the lender
By Katherine Kallergis | December 15, 2014 12:45PM

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.

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