Eden Multifamily, Cypress Equity score $24M construction loan for Tamarac apartments

212-unit project is expected to be completed in 2022

Miami /
Apr.April 06, 2021 03:30 PM
Eden Multifamily heads Jay Massirman and Jay Jacobson with Cypress Equity Investments CEO Michael Sorochinsky (rendering courtesy of MSA Architects)

Eden Multifamily heads Jay Massirman and Jay Jacobson with Cypress Equity Investments CEO Michael Sorochinsky (rendering courtesy of MSA Architects)

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.

Also In Tamarac, 13th Floor Homes plans 397 single-family houses on the Woodlands Country Club’s two golf courses at 4600 Woodland Hills Boulevard.

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.





    Related Articles

    arrow_forward_ios
    Landmark President Robert Saland and rendering of The City Place Apartments in Dania Beach
    Landmark scores $33M in construction financing for Dania Beach project
    Landmark scores $33M in construction financing for Dania Beach project
    A rendering of Nur-ul-Islam Academy 
    Cooper City approves downsized mosque at growing Islamic prep school
    Cooper City approves downsized mosque at growing Islamic prep school
    B’nai B’rith's Daniel Mariaschin with aerial of new development site
    B’nai B’rith wins approval to expand rental complex for low-income seniors in Deerfield Beach
    B’nai B’rith wins approval to expand rental complex for low-income seniors in Deerfield Beach
    1800 West Indiantown Road in Jupiter, PGIM's Eric Adler with 12503-12681 Miramar Parkway in Miramar and Orion Real Estate Group's  Kevin Sanz with 13605-13619 South Dixie Highway in Pinecrest
    South Florida retail vacancies drop, rents rise in the fourth quarter
    South Florida retail vacancies drop, rents rise in the fourth quarter
    304 Southwest 145th Avenue
    Russian ex-police general buys Pembroke Pines strip mall for $23M
    Russian ex-police general buys Pembroke Pines strip mall for $23M
    From left: Prologis' Hamid Moghadam, MG3 Group’s Marcelo Saiegh, and TA Realty's James Buckingham (Getty, Prologis, MG3 Group, TA Realty)
    South Florida industrial market softens, rents rise again in fourth quarter
    South Florida industrial market softens, rents rise again in fourth quarter
    (Illustration by The Real Deal with Getty)
    South Florida residential dollar volume falls 50% in December
    South Florida residential dollar volume falls 50% in December
    Renderings of Oko Group’s 830 Brickell in Miami’s Brickell neighborhood and Stephen Ross’ One Flagler in downtown West Palm Beach
    South Florida office rents rise in the fourth quarter
    South Florida office rents rise in the fourth quarter
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...