Motwanis’ Merrimac Ventures scores $72M construction loan for Plantation apartments

306-unit project is expected to be completed by 2023

Miami /
May.May 27, 2021 05:30 PM
Merrimac Ventures co-CEOs Nitin Motwani and Dev Motwani. (Merrimac)

Merrimac Ventures co-CEOs Nitin Motwani and Dev Motwani. (Merrimac)

Merrimac Ventures scored a $72 million construction loan for a multifamily project in Plantation.

The Fort Lauderdale-based, Motwani family-owned Merrimac will start construction on the 306-unit project at 1711 North University Drive in June, according to a news release. Bank OZK lent $50.6 million and CanAm Enterprises lent $21 million.

David Harte and Jason Krane of Ackman-Ziff handled the loan on behalf of the borrower.

The $90 million Merrimac Plantation is expected to be completed by 2023. The six-story, 293,945-square-foot development will include a pool, gym, club and game rooms, and 543 parking spaces, according to the release.

Merrimac Ventures is led by co-CEOs Nitin Motwani and his brother Dev Motwani. It was started by their parents, the late Ramesh “Bob” Motwani and his wife, Ramola Motwani, in the 1970s as an import-export business, and it expanded into buying beachfront Fort Lauderdale hotels in the 1980s, according to its website.

Since then, it has partnered on bigger projects, such as the Four Seasons Hotel and Residences Fort Lauderdale Beach and the 218-key dual-branded Home 2/Tru by Hilton at 315-333 Northwest First Avenue in Fort Lauderdale’s Flagler Village neighborhood. In another venture in the trendy neighborhood, Merrimac in September bought the properties at 317 North Federal Highway and 515 Northeast Third Street for $14 million.

Also, Nitin Motwani worked with Art Falcone on the development of the 27-acre Miami Worldcenter in downtown Miami.

Multifamily construction financing has been flowing, marking confidence in the market. In another Broward County financing deal, Eden Multifamily and Cypress Equity Investments in April scored a $23.7 million construction loan and a $8.6 million preferred equity investment for 212-unit Eden West in Tamarac. Also in April, Terra and New Valley obtained a $64.8 million loan for the 460-unit Natura Gardens in northwest Miami-Dade County.






    Related Articles

    arrow_forward_ios
    From left: 501 Northwest 46th Street in Miami, Global Horizons' Shai Yitzhaki, Guy Goldberg and 521 NW 49th Street in Miami (Google Maps)
    Global Horizons buys Buena Vista and Little Haiti portfolio for $13M
    Global Horizons buys Buena Vista and Little Haiti portfolio for $13M
    Harbor Group president Richard Litton and AIR Communities CEO Terry Considine in front of the apartment complex (Harbor, AIR, City Center on 7th)
    Aimco spinoff buys Harbor Group’s Pembroke Pines apartments for $223M, marking largest South Florida multifamily sale this year
    Aimco spinoff buys Harbor Group’s Pembroke Pines apartments for $223M, marking largest South Florida multifamily sale this year
    3600 North 29th Avenue in Hollywood (Google Maps, VIG)
    Furniture wholesaler pays $9M for Hollywood distribution facility
    Furniture wholesaler pays $9M for Hollywood distribution facility
    1500 Concord Terrace and Atal Bansal, founder and CEO of Chetu (Photos courtesy of Chetu)
    Software firm Chetu buys Sunrise office property for $25M
    Software firm Chetu buys Sunrise office property for $25M
    T-Mobile store logo (Getty) and 4850 Northwest 103rd Avenue in Sunrise, Florida (Google Maps)
    Des Moines investment firm pays $26M for T-Mobile data center in Sunrise
    Des Moines investment firm pays $26M for T-Mobile data center in Sunrise
    Jean Francois Roy and renderings of the Fort Lauderdale project (OceanLand)
    Jean Francois Roy plans bulk condo buyout to build multifamily project near downtown Fort Lauderdale
    Jean Francois Roy plans bulk condo buyout to build multifamily project near downtown Fort Lauderdale
    A rendering of the project and Nicole Kushner Meyer (Kushner)
    All in on Miami: Kushner pays $21M for Edgewater site of planned apartment tower
    All in on Miami: Kushner pays $21M for Edgewater site of planned apartment tower
    The Avenue Apartments at 6220 Reese Road in Davie (Photo via Avenue Davie)
    Boardwalk Properties sued for alleged racial discrimination
    Boardwalk Properties sued for alleged racial discrimination
    arrow_forward_ios

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

    Loading...