Big Sugar subsidiary lands $40M loan for Coconut Creek apartments

Earthwork has begun on 308-unit apartment project

Aug.August 25, 2016 03:05 PM

The Midtown Residences development site (Inset: Pepe Fanjul Jr., executive vice president of Florida Crystals)

The development arm of Florida Crystals, headed by the Fanjul family of sugar barons, just scored $40.56 million in construction financing for its upcoming Midtown Residences apartment project in Coconut Creek.

County records show an affiliate of FCI Residential drew the funds from JPMorgan Chase Bank, covering roughly 12 acres of former agricultural land on the north side of West Sample Road near Banks Road.

The company’s plans call for 308 rental apartments housed in mid-rise buildings, though unit sizes or asking rents are not yet known.

FCI, a subsidiary of Florida Crystals that is an active developer of multifamily communities in the state, began earthwork alongside closing its financing deal. The company bought the land for $10 million in November 2014, according to county records.

Florida Crystals is run by the Fanjul family, who also own ubiquitous brands like Domino Sugar. The family also owns large swaths of real estate and in recent years have ramped up its multifamily projects, including new land acquisitions in Miami-Dade County and a 33-acre apartment project in Delray Beach.

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