Developers score $12.25M loan for Pembroke Pines site
A group of developers just received $12.25 million in financing to build a commercial building in Pembroke Pines.
The financing was provided by City National Bank to a company titled PP Omni Ventures, headed by a joint venture between Point Five Development and Jafrejo Holdings.
The two companies paid $7.9 million last year to acquire 5.65 acres of vacant land abutting the Shoppes at Pembroke Gardens, an open-air mall at 527 Southwest 124th Terrace.
Earlier this year, the developers submitted plans to the Broward County Commission for a 60,000-square-foot commercial building. The documents did not include details about the building’s height or mix of tenants.
Point Five is an affiliate of the Hart Lyman Companies, based in East Syracuse, New York. The company develops commercial real estate and has worked with tenants like Dunkin’ Donuts, Walgreens, Tim Horton’s, Key Bank and the U.S. Government, according to its website.
Jafrejo Holdings is the Florida franchise of the VooDoo BBQ & Grill restaurant, which raised roughly $40 million in EB-5 funding from 12 countries to finance its South Florida expansion.