BBX, partner score construction loan for Pembroke Pines project

Townhouses priced from the mid-$300ks to the low $400ks

Miami /
Oct.October 24, 2017 03:45 PM

BBX Capital Real Estate and homebuilder Label & Co. just closed on a $12.95 million construction loan for a townhouse community in Pembroke Pines, property records show.

TD Bank is the lender. BBX and Label & Co. plan to break ground on the 125-unit Chapel Grove next month, said Label & Co. founder Harry L. Posin. Prices range from the mid-$300,000s to the low $400,000s, according to a release.

The partnership bought the 11-acre lot, on Northwest Second Street between Northwest 209th and 210th avenues, earlier this month for $6.8 million, records show. The seller was Chapel Trail Associates, managed by Paul Koenig and Michael Koenig.

The community will feature five home models, ranging from 1,700 square feet with three bedrooms to 2,300 square feet with four bedrooms. Townhouses will come with one- and two-car garages. Amenities include a resort-style pool and spa, fitness center, basketball half-court and playground.

It will mark Label & Co.’s third townhouse community in Pembroke Pines. The Fort Lauderdale-based homebuilder also built similar developments in Pembroke Pines called Centra Falls and West Centra Falls. BBX also invested in Centra Falls, which was completed about a year ago and is 86 percent sold, Posin said.

BBX’s real estate division, BBX Capital Real Estate, manages approximately $10 billion of assets, according to its website. The firm develops, operates, manages and invests in residential and commercial real estate across the nation.

Label & Co. has built more than 20,000 homes across South Florida, according to its website.


Related Articles

arrow_forward_ios
304 Southwest 145th Avenue
Russian ex-police general buys Pembroke Pines strip mall for $23M
Russian ex-police general buys Pembroke Pines strip mall for $23M
A photo illustration of RPT Realty’s Bryan Harper and Mary Brickell Village (Getty, RPT Realty, Averette, CC BY 3.0 - via Wikimedia Commons)
Here are South Florida’s biggest retail deals of 2022
Here are South Florida’s biggest retail deals of 2022
Merit Hill CEO Elizabeth Schlesinger and the Pines West Storage Center at 400 Northwest 172nd Avenue in Pembroke Pines (Merit Hill, Google Maps, Getty)
Merit Hill Capital picks up another Broward self-storage property
Merit Hill Capital picks up another Broward self-storage property
ADT’s headquarters building at The Park at Broken Sound in Boca Raton with Jake Geleerd of Tortoise Properties and Ian Weiner of Pebb Enterprises (Tortoise Properties, Pebb Enterprises)
Lease roundup: Sheltair moves headquarters to Fort Lauderdale
Lease roundup: Sheltair moves headquarters to Fort Lauderdale
McDowell Properties' W. Patrick McDowell and Miami Jewish Health's Jeffrey Freimark with plans for 410 affordable apartments for seniors (McDowell Properties, Miami Jewish Health, Reprtwar)
Pembroke Pines approves 410 affordable apartments for seniors
Pembroke Pines approves 410 affordable apartments for seniors
Federal Realty CEO Donald Wood and The Shops at Pembroke Gardens at 527 Southwest 145th Terrace in Pembroke Pines (Getty Images, Pembroke Gardens, Federal Realty)
Federal Realty buys Pembroke Pines shopping plaza for $180.5M
Federal Realty buys Pembroke Pines shopping plaza for $180.5M
From left: Rockpoint's Bill Walton, AvalonBay Communities' Benjamin W. Schall and Timothy J. Naughton, and The Altman Companies' Seth Wise with 11385 SW 30th Ct and 2750 SW 113th Ln (Rockpoint, LinkedIn, Trulia, Avalon Bay, Getty)
AvalonBay pays $295M for two Miramar complexes
AvalonBay pays $295M for two Miramar complexes
From left: Sotheby’s Daniel de la Vega and Reagan Jefferies with Brevard County
One Sotheby’s picks up Brevard County brokerage
One Sotheby’s picks up Brevard County brokerage
arrow_forward_ios

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

Loading...