Estate Companies scores $56M construction loan for Dania Beach mixed-use project
Motwani bought the land in 2017
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.
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.