The Real Deal Miami

Newly completed Davie rental development scores $36M loan

TM Real Estate Group financed construction with a $34M loan in 2014

The Shalimar at Davie

The Coconut Grove-based TM Real Estate Group just closed on a $35.5 million loan for a newly completed 240-unit apartment complex in Davie, the lender announced on Thursday.

Meridian Capital Group provided the 10-year loan with a fixed interest rate of 4.04 percent and a full-term repayment schedule of interest-only payments.

The construction takeout financing is for The Shalimar at Davie, at 4901 South University Drive. The property is a three-story multifamily development consisting of one-, two- and three-bedroom apartments and two-story townhouses. Rents range from $1,559 to $2,300, according to Realtor.com.

Property records show the developer bought the 15-acre site for $6.04 million in 2014. The buildings were completed between 2016 and this year. TM Real Estate Group financed construction with a $34.2 million mortgage from BB&T Bank.

Units have garages and storage rooms, and community amenities include a clubhouse with a gym, business center, kids room, coffee bar, pool table and a pool.

Meridian managing director Noam Kaminetzky said in a release that the loan offers a solution for the borrowers while its construction loan matures.

Kaminetzky and Meridian vice president, Jason Grimm, worked on the financing deal. 

South Florida’s lending atmosphere is tightening up. Commercial lenders are typically avoiding financing ground-up developments during this stage in the real estate cycle. While multifamily investment sales have slowed down since 2015, deals are picking back up this quarter.

TM Real Estate Group also plans to develop a mixed-use project on 25 acres in Plantation. – Amanda Rabines