Joint venture nabs $41M construction loan for Davie apartments

Miami /
May.May 06, 2016 10:30 AM

A trio of developers, led by Rosemurgy Properties, just closed on a $41 million construction loan for Parc 3400, a luxury rental community in Davie. 

RAG Davie LLC, a joint venture between Giles Capital Group, FSG Holdings and Rosemurgy, is building a 259-unit apartment complex at 3400 Davie Road. Mutual of Omaha is financing construction, which began earlier this year.

Parc 3400 will include four five-story buildings with one-, tw0-, and three-bedroom units. The apartments will have granite countertops, walk-in closets, washing machines and dryers, impact-resistant windows, and private balconies and patios. The Davie development’s common-area amenities will include a clubhouse and swimming pool, 84 parking spaces for bicycles and car charging stations.

The developers paid $8 million for the 8-acre plot in 2014, which breaks down to about $23 per square foot. Records show Pompano Beach-based CB Construction is the general contractor.

Rosemurgy’s portfolio includes multifamily, retail, self-storage, office and land properties, according to the company’s website. Earlier this year, the company sold three student housing communities in Boca Raton for $105 million to a Bahrain-based investment manager.


Related Articles

arrow_forward_ios
Toll Brothers CEO Doug Yearley Jr. (Toll Brothers)
Toll Brothers launches sales at new luxury community in Davie
Toll Brothers launches sales at new luxury community in Davie
Raj Dhanda and 11000 Cameron Court (Credit: Google Maps)
Black Creek buys Davie apartments for $79M
Black Creek buys Davie apartments for $79M
From left: A rendering of Deco Green and developer Ricardo Hernandez, and a rendering of Element with developer Norman Weinstein (Credit: Dominick Ranieri Architect and Rosemurgy Properties)
Lake Worth Beach CRA approves two apartment complexes
Lake Worth Beach CRA approves two apartment complexes
Davie property and Will Blodgett, founding partner of Fairstead
Fairstead buys senior housing in Davie for $18M
Fairstead buys senior housing in Davie for $18M
2701 Jockey Circle in Davie, FL (Google Maps, iStock)
Leaked bank documents show South Florida real estate’s alleged ties to money laundering
Leaked bank documents show South Florida real estate’s alleged ties to money laundering
Tua Tagovailoa, Clayton Fejedelem, and Kyle Van Noy (Credit: Alika Jenner/Getty Images, Johnson/Icon Sportswire via Getty Images, and Rich Graessle/PPI/Icon Sportswire via Getty Images)
Miami Dolphins players Tagovailoa, Van Noy and Fejedelem buy South Florida homes
Miami Dolphins players Tagovailoa, Van Noy and Fejedelem buy South Florida homes
4002-4082 Oak Landing Drive and Marcus & Millichap’s Joseph P. Thomas, Adam G. Duncan and Alec Demetriou (Credit: Google Maps)
Davie townhome rental project sells for $6M
Davie townhome rental project sells for $6M
From left: Bastian Laggerbauer and Harry Blyden, with 5400 South University Drive
Argentine investor pays $11M for Davie office complex
Argentine investor pays $11M for Davie office complex
arrow_forward_ios

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

Loading...