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Rilea Group scores $46M construction loan for Sunrise apartments
Developer paid $10M for the shopping center property in 2019
The Rilea Group closed on a construction loan for a multifamily development in Sunrise.
Property records show an affiliate of Alan Ojeda’s Rilea Group secured the $45.8 million loan from Abanca USA for Vista Verda at Sunrise, a 288-unit project at 8894 Northwest 44th Street.
Rilea paid $10.4 million for the property in 2019, which was previously home to Pine Plaza, a 135,732-square-foot shopping center that was built in 1986. Tenants included Winn-Dixie.
Tony Rey, director of construction at Rilea Group, said via email that the developer plans to break ground in October and deliver the project by the summer of 2022. Vista Verde at Sunrise will include a swimming pool and sundeck, racquetball court, and other amenities.
MSA Architects is designing the project, according to the developer’s website.
In Sunrise, a western Broward County city, developer Joseph Kavana recently completed the first tower in a major master-planned development called Metropica.
Rilea Group’s previous projects include the Bond on Brickell condo tower, completed in 2017, and the office tower at 1450 Brickell Avenue.