The Real Deal Miami

BBX, partner score construction loan for Pembroke Pines project

Townhouses priced from the mid-$300ks to the low $400ks
By Amanda Rabines | October 24, 2017 03:45PM

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.

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.