Fairfield scores $50M loan, breaks ground on new Fort Lauderdale apartments

Miami /
Mar.March 21, 2016 10:30 AM

Fairfield Residential, a multifamily builder based in California, just broke ground on its newest apartment community in downtown Fort Lauderdale after receiving a $50 million loan.

The loan, issued by Mercantil Commercebank, covers about 2.5 acres of land in the 200 block of Northeast 7th Street, Broward County records show.

Fairfield assembled the parcels for an unknown amount mid-year 2015 through separate deals with Pacific National Bank and local landowners.

Now with financing in hand, Fairfield has started construction of an apartment building with 292 residences.

Dev Motwani of Merrimac Ventures told The Real Deal in June that he was one of the property owners who sold to Fairfield. He had obtained approvals for a luxury apartment building on the property before trading it to the California builder.

Fairfield owns eight apartment communities in South Florida, though none are located in Fort Lauderdale. The company was founded in 1997 and has since built roughly 104,000 units throughout the United States, according to its website.


Related Articles

arrow_forward_ios
Dev Motwani & 317 North Federal Highway

Dev Motwani buys Fort Lauderdale dev site for $14M

Dev Motwani buys Fort Lauderdale dev site for $14M
Vladislav Doronin (Credit: Gesi Schilling via Wikipedia)

Billionaire developer Doronin buys Fort Lauderdale assemblage for $63M

Billionaire developer Doronin buys Fort Lauderdale assemblage for $63M
Clockwise from top left: John Tolbert, Philip Goldfarb, Dev Motwani, José Cil and Ken Stiles

Developers, resort owners push for Florida reopening plan

Developers, resort owners push for Florida reopening plan
Gables Town Colony apartment complex, Sue Ansel of Gables Residential

Gables Residential scores $85M loan for Boca Raton apartment complex

Gables Residential scores $85M loan for Boca Raton apartment complex
Dev Motwani, Johnny Allison, and 2401 West Broward Boulevard (Credit: Google Maps)

Dev Motwani nabs loan for Fort Lauderdale project

Dev Motwani nabs loan for Fort Lauderdale project
Broadstone City Center with Alliance Residential’s Bruce Ward and Nuveen CEO Jose Minaya

Nuveen pays $103M for West Palm luxury apartments

Nuveen pays $103M for West Palm luxury apartments
Edmund Ansin and the property (Credit: Google Maps)

Billionaire TV family sells Miramar property to Florida Crystals

Billionaire TV family sells Miramar property to Florida Crystals
Toscana apartments and Juan Porro of FCI Residential

Florida Crystals sells Margate rentals for $60M

Florida Crystals sells Margate rentals for $60M
arrow_forward_ios

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

Loading...