Terra closes on $91M loan for Pines Garden at City Center

Debt replaces a $57M construction loan for the 387-unit apartment development

TRD MIAMI /
Jul.July 30, 2019 04:30 PM
Pines Garden at City Center and David Martin

Pines Garden at City Center and David Martin

Developer David Martin’s Terra closed on $91 million in financing for its Pembroke Pines project.

Records show Terra City Center MF secured the loan from Mack Real Estate Group for the recently completed Pines Garden at City Center, a 387-unit luxury rental complex at 10400 Southwest City Center Boulevard.

The debt replaces a $56.7 million construction loan from Florida Community Bank, which closed in December 2017.

Pines Garden is part of Pines City Center, a 47-acre master-planned community. Retail tenants include Publix, Cooper’s Hawk, Outback Steakhouse, West Marine, BurgerFi, Smoothie King, Bento Café, Halal Guys, and UFC Gym, according to a spokesperson.

Late last year, Terra sold the first phase, nearly 150,000 square feet of retail space at the southwest corner of Pines Boulevard and Palm Avenue, to TA Realty for $80 million.

Terra has another 150,000 square feet of retail, entertainment and restaurant space next to Pines City Center.

The mixed-use project is directly next to a $60 million civic center with a 3,500-square-foot performing arts center and conference hall, an outdoor plaza, a 10,000-square-foot art gallery and a new city hall for Pembroke Pines.


Related Articles

arrow_forward_ios
Rendering of Doral Square and David Martin

Terra unveils latest mixed-use project near Downtown Doral

Daily Digest Miami

Miami-Dade approves Brightline deal to build PortMiami station, WeWork eyeing electronic gaming play: Daily digest

Galium Capital managing partner Jacques Bessoudo and Iser Rabinovitz, 9801 Pines Boulevard

Galium Capital pays $21M for Pembroke Pines shopping center

Condo at Glass Miami Beach sells at 15% loss

Condo at Glass Miami Beach sells at 15% loss

Mike Fernandez and Park Grove (Credit: Wikipedia)

Miami billionaire Mike Fernandez flips PH in Coconut Grove

Lloyd Jones’ CEO Chris Finlay with Ventura Pointe

Lloyd Jones pays $56M for Pembroke Pines apartment complex

David Martin and the site at 2655 South Bayshore Drive (Credit: Realtor)

Terra closes on $185M construction loan for latest Coconut Grove project

Raanan Katz and 11460 Pines Boulevard (Credit: Google Maps)

Raanan Katz buys Pembroke Pines shopping center

arrow_forward_ios