CC Residential scored a $30.8 million construction loan to begin construction of an “active adult” rental community in Cooper City.
CC Residential, led by longtime South Florida developers Armando Codina and James Carr, is planning to build the 175-unit development on Monterra Boulevard in central Broward County. The group secured the loan from PNC Bank.
The project, Monterra Active Adult Residences, is geared for adults 55 years and older, looking to be close to their kids and grandkids.
“We are starting to see a big demand for people in that demographic that are looking to have social interaction,” said Andy Burnham, president and CEO of CC Residential.
The project will be a mix of one- and two-bedroom units ranging from 760 square feet to 1,450 square feet. It will include a 20,000-square-foot clubhouse with clubrooms, fitness center, outdoor yoga, game room, arts room and zero entry saltwater pool, according to CC Residential.
Leasing will start in October with planned completion in the first quarter of 2022, the company said. The general contractor is CC Residential Construction.
CC Residential’s other projects include Doral 4200, a 250-unit luxury apartment building in Doral; and Signature at Doral, a 352-unit garden-style apartment complex in Doral.