Terra scores $80M in financing for Pembroke Pines project

Coconut Grove-based developer secured mortgages from three different lenders

Terra President David Martin and a rendering of the firm’s Pines City Center project (Credit: Terra)
Terra President David Martin and a rendering of the firm’s Pines City Center project (Credit: Terra)

UPDATED Dec 26. 3:00 p.m.: Terra just scored more than $80.7 million in financing for its massive City Center development in Pembroke Pines, property records show.

The Coconut Grove-based developer secured the loans from two different lenders.

Terra’s affiliate, Terra City Center Investments II LCC, received a $24 million loan from Oakland Finance & Investment LLC, which is also an investor in the project, records show.

Florida Community Bank was the lender behind the largest construction loan. Records show Terra scored a $56.7 million construction loan from the bank for its 387-unit rental community, called City Center Residences.

The rental complex is part of the residential portion of the development’s second phase, made up of 16 three-story buildings built on 14 acres of land near the intersection of Pines Boulevard and Palm Avenue. Terra acquired the land for $13.5 million from a land trust that lists SunTrust Bank’s Brickell address.

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Amenities at Pines City Center’s apartments include a fitness center, resort-style pool and a clubhouse for residents. Phase II also includes about 100,000 square feet of commercial space. The Publix-anchored retail component is more than 70 percent leased, according to the release.

The first phase of the mixed-use project is being built on a 47-acre plot on the southwest corner of Palm Avenue and Pines Boulevard, scheduled to be completed by the end of 2018. Phase III will feature a 350-room hotel built on the site of the current city hall.

The project is one of at least three Terra developments underway in Broward County. Terra is planning another mixed-use development in Pembroke Pines, called Pines Market, and is developing a 121-acre master-planned residential community in Weston called Botaniko, featuring 125 contemporary-style homes designed by architects Chad Oppenheim and Roney J. Mateu.

Correction: A previous story incorrectly stated Terra scored another loan from SunTrust Bank.