Motwani closes on $13M for Pompano Beach tower

Miami /
Sep.September 08, 2015 09:45 AM

After landing a $20 million loan for the Las Olas Riverfront, Dev Motwani has closed on financing for a separate project in Pompano Beach, Broward County records show.

WH Pompano LP, a company led by Motwani, is the borrower for the $13 million mortgage. Florida Community Bank is the lender.

The limited partnership acquired the 5.8-acre site at 1333 and 1350 South Ocean Boulevard in June 2011 for $11.5 million, according to Broward County property records.

WH Pompano plans to develop the site into residential towers, which will be divided by South Ocean Boulevard and face the Intracoastal and the ocean. Rezoning for the land was approved in August. On the oceanside, up to 92 residential units can be developed; on the Intracoastal, 211 units. Also approved were 27 boat slips.

Motwani, president of Fort Lauderdale-based Merrimac Ventures, also borrowed $20 million for the Las Olas Riverfront, a 3.7 acre property at 300 Southwest First Avenue in downtown Fort Lauderdale. He plans to use that financing for a large mixed-use redevelopment of the riverfront, a spokesperson told The Real Deal.


Related Articles

arrow_forward_ios
Alex Rosemurgy and 2350 to 2390 North Federal Highway (Twitter, Google Maps)
Rosemurgy sells Pompano Beach shopping center for $10M
Rosemurgy sells Pompano Beach shopping center for $10M
Clockwise from top left: Sterling's Fred Wilpon, Merrimac's Dev Motwani Alliance's Bruce Ward and Carlyle's Kewsong Lee with 1333 South Ocean Boulevard, Pompano (Getty)
Sterling Equities pays $95M for Pompano Beach apartments
Sterling Equities pays $95M for Pompano Beach apartments
Shlomo Khoudari and Justin Bennett with 3141 Southwest 10th Street in Pompano (Google Maps)
Shifting gears: Elion Partners pays $12M for Pompano Beach auto parts distribution center
Shifting gears: Elion Partners pays $12M for Pompano Beach auto parts distribution center
Christopher Longsworth and Josh Zegen, with Envy is at 475 SE 1st St, Pompano Beach
Invesca lands $50M refi on Pompano Beach apartments
Invesca lands $50M refi on Pompano Beach apartments
Mark Corlew, Anuj Grover, and a rendering of Pompano Station
Grover Corlew’s Pompano Beach multifamily project advances
Grover Corlew’s Pompano Beach multifamily project advances
Rendering of The Ocean Six Terraces (Credit: Rex Nichols Architects)
Canadian developers launch sales of oceanfront townhouse project in Pompano Beach
Canadian developers launch sales of oceanfront townhouse project in Pompano Beach
Michael Wohl & site plans
Affordable housing developers plan Pompano Beach townhouse project
Affordable housing developers plan Pompano Beach townhouse project
Edgardo Defortuna and the site (Courtesy of Fortune)
Fortune International Group buys waterfront Pompano Beach site for $28M
Fortune International Group buys waterfront Pompano Beach site for $28M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...