Estate Companies scores $56M construction loan for Dania Beach mixed-use project

Motwani bought the land in 2017

Dev Motwani (right) and The Estate Companies' Jeff Ardizon and Robert Suris with renderings of the project
Dev Motwani (right) and The Estate Companies' Jeff Ardizon and Robert Suris with renderings of the project

UPDATED, Feb. 12, 4:55 p.m.: The Estate Companies secured financing for a new mixed-use project in Dania Beach.

The apartment developer closed on a $55.5 million construction loan from Synovus for a new eight-story, Class-A mixed-use development, called Soleste Cityline, at 4 North Federal Highway. The development will consist of 340 luxury rental units and retail space, according to a press release.

Dev Motwani, president and CEO of real estate investment and development firm, Merrimac Ventures, bought the property in 2017 for $5 million and is a partner in the project.

“I felt that Dania [Beach] was going to be a popular place,” Motwani said.

In September, Motwani and Merrimac Ventures brought on the Estate Companies as a development partner for the multifamily portion of the project, and later partnered with Miami-based Tricera Capital for the retail portion.

Sign Up for the undefined Newsletter

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.

The apartments will include studios, one-, two- and three-bedroom units, ranging from 600 square feet to 1,200 square feet.

Soleste Cityline will also feature amenities, including a pool deck, fitness center, outdoor grilling stations and a clubroom.

The retail space will span 12,800 square feet. There are no specific retail tenants at the moment, according to Motwani, but he expects neighborhood and service-oriented retail, as well as food and beverage.

The developers plan to break ground this quarter.

Last year Motwani bought a Fort Lauderdale development site for $14 million, and may build residential, retail or possibly a hotel on the site.