13th Floor scores $39M financing for two Tamarac projects

One has broken ground, while the other has yet to launch sales

TRD MIAMI /
Jul.July 11, 2016 01:00 PM

With work well underway at its new housing projects in Tamarac, 13th Floor Investments has replenished its construction coffers with two loans totaling roughly $39.4 million.

County records show the financing is for two large pieces of vacant land along Florida’s Turnpike near Commercial Boulevard.

The first loan, provided by Regions Bank, is for $18.6 million and covers the Manor Parc development that broke ground in April. 13th Floor’s housing division is erecting 239 homes there that start in the high $200,000s. Finishes include granite countertops, wood cabinetry, recessed lighting, volume ceilings and stainless steel appliances.

Manor Parc will also boast amenities like a community pool and cabana, barbecue areas, children’s playgrounds and jogging trails.

“We are grateful to have the continued support of Regions Bank,” Daryl Shevin, 13th Floor’s chief financial officer, said in a statement. “This loan will enable us to continue to meet the strong consumer demand for home delivery by keeping our construction timeline moving forward.”

13th Floor’s second round of financing is a $20.4 million loan covering Hidden Trails, formerly known as Palm Cove. The 214-home community has yet to launch sales, but a notice of commencement in Broward County records show construction is set to begin soon.

Both communities are geared toward middle-class homebuyers looking for new construction at affordable price points, the developer said.

“13th Floor Homes is filling a void in the market for buyers who don’t want to sacrifice affordability but still want the luxury amenities that come with new construction,” Mike Nunziata, 13th Floor Homes Division president, said at the time of Manor Parc’s groundbreaking.

Besides Manor Parc and Hidden Trails, the company also built the now-sold-out Central Parc development with 253 homes in Tamarac.


Related Articles

arrow_forward_ios
From left: Steve Bisciotti, Jim Davis with  Jim and John Arrigo, with 5901 Madison Avenue, Tamarac and 2250 North State Road 7, Margate (Getty, Arrigo Auto Group, Google Maps)

Investment firm tied to Baltimore Ravens owner buys South Florida car dealerships for $91M

Investment firm tied to Baltimore Ravens owner buys South Florida car dealerships for $91M
Vizcaya Villas at 10011 South Nob Hill Circle, Newmark Knight Frank’s Tal Frydman, Avery Klann, Hampton Beebe

Symphony Residential nabs apartment complex near Sawgrass Mills

Symphony Residential nabs apartment complex near Sawgrass Mills
The shopping center in Tamarac (Credit: Google Maps)

Tamarac retail center sells for $14M

Tamarac retail center sells for $14M
Spectra at Tamarac at 8650 Northwest 61st Street and Mark Zolty

Canadian investment firm buys Tamarac apartments for $47M

Canadian investment firm buys Tamarac apartments for $47M
Extended-stay hotel proposed next to Woodmont Country Club in Tamarac

Extended-stay hotel proposed next to Woodmont Country Club in Tamarac

Extended-stay hotel proposed next to Woodmont Country Club in Tamarac
iStar buys Sawgrass Lanes bowling alley in Tamarac for $10M

iStar buys Sawgrass Lanes bowling alley in Tamarac for $10M

iStar buys Sawgrass Lanes bowling alley in Tamarac for $10M
Butters and BlackRock to build two massive warehouses in Tamarac

Butters and BlackRock to build two massive warehouses in Tamarac

Butters and BlackRock to build two massive warehouses in Tamarac
City Furniture sells site next to HQ to Butters JV

City Furniture sells site next to HQ to Butters JV

City Furniture sells site next to HQ to Butters JV
arrow_forward_ios

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

Loading...