Stellar Communities scored $10.6 million in financing for its Pompano Beach townhomes.
Dania Beach-based Stellar Communities secured the loan from North Miami-Beach-based New Wave Loans Residential to build the 39 townhouses at 4091 West Palm Aire Drive.
The development, Siena at Palm Aire, will mark Palm Aire’s first new construction in at least 10 years. The townhomes, near the Palm Aire Country Club, will have three or four bedrooms and will range from 1,782 square feet to 2,146 square feet, according to Stellar’s website.
Stellar paid $2 million for the 4.4-acre property in 2018, records show.
Stellar Communities is also constructing the Stellar apartment complex in Dania Beach. It also built the Whispering Oaks home community in Dania Beach.
Pompano Beach has become a hotspot for new waterfront development.
Sabbia Beach, a 19-story, 68-unit condo tower at 730 North Ocean Boulevard is nearing completion. And developer Dev Motwani is planning to build a 27-story condo building at 1350 South Ocean Boulevard in Pompano Beach.
In addition, Miami-based Lionheart Capital is planning to construct a two-building, 239-unit luxury condo project at 1380 South Ocean Boulevard in Pompano Beach, which is slated to become the city’s tallest tower.