BBX, partner score construction loan for Pembroke Pines project

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

Rendering of Chapel Grove with BBX Capital's Seth Wise (Credit: BBX Capital)
Rendering of Chapel Grove with BBX Capital's Seth Wise (Credit: BBX Capital)

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.

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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.