Eden Multifamily and Cypress Equity Investments started building a Tamarac multifamily development, after scoring a $23.7 million construction loan and a $8.6 million preferred equity investment.
The joint venture, working as CE Development Partners, is developing the 212-unit Eden West on the northeast corner of West McNab and North Pine Island roads. The garden-style project is expected to be finished in the third quarter of 2022.
Wells Fargo issued the senior construction loan, and Chevy Chase, Maryland-based private real estate investor FCP provided $8.6 million in preferred equity, according to press releases.
Property records show CE Tamarac, tied to Eden Multifamily, bought the 6.2 acres at 8501-8795 West McNab Road in September 2019 for $3.4 million.
Coconut Grove-based Eden Multifamily, led by Jay Massirman and Jay Jacobson, in November 2018 proposed replacing the existing Colony West Shopping Plaza with an apartment complex. The previous owner had already demolished part of the shopping plaza.
Eden Multifamily, founded in 2015, is a residential developer and investor that has built more than 24,000 units, and through an affiliate manages nearly 25,000 units in six states, according to the release.
Los Angeles-based Cypress Equity, led by founder Michael Sorochinsky, is a commercial real estate investor that focuses on multifamily, according to its website. Since its inception in 2001, it has developed or invested in more than 12,000 units nationwide.
Eden West will have two four-story buildings offering studios and one- to three-bedroom apartments, ranging from 598 square feet to 1,388 square feet, according to the release. The units will have floor-to-ceiling sliding glass doors, washers and dryers, white quartz countertops in kitchens and bedrooms, and wood-style plank floors in kitchens and living rooms.
Community amenities will include a 24-hour gym that will allow for streaming of exercise videos, a saltwater pool, and a veranda with an outdoor kitchen and grills.
Multifamily construction financing is experiencing somewhat of an uptick. In the past week, Terra and New Valley scored a $64.8 million loan for the 460-unit Natura Gardens in northwest Miami-Dade County; and Affiliated Development nabbed a $34.1 million loan for its mixed-income, 200-unit Bohemian in Lake Worth Beach.