Motwani closes on $13M for Pompano Beach tower

Affiliate of Merrimac Ventures bought the site in 2011 for $11.5M

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.

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