Lotis Group scored a $44 million construction loan for the first phase of its massive planned Wellington mixed-use project.
Lotis, led by John Markey, Adam Freedman and James Gielda, plans The Square & Residences at Lotis Wellington, as the first phase is named, with 372 apartments in garden-style complexes; 60,000 square feet of medical offices and 61,400 square feet of commercial space, according to the development firm’s website and a news release from the financing broker. The project would be built along the west side of State Road 7, north of Wellington Regional Medical Center in Wellington.
Sean Harrington of Aztec represented Lotis in the financing. Douglas Papy represented the lender, BlueFin Financial. Papy is chief investment officer at BlueFin.
The loan is for site preparation and infrastructure for phase I. It refinances a $24 million loan Lotis originally scored in 2022, and increases it by another $20 million, according to records.
Lotis will next go to the market for a retail and multifamily construction loan, Harrington said.
The entire Lotis Wellington development will span 64 acres, including 100 single-family homes and 72 townhouses in the second phase, according to the project’s website. The development also will have open spaces, a lake and a dog park.
In 2020, Boca Raton-based Lotis Group scored zoning approval for the project. The firm has pumped roughly $90 million into site purchases, entitlements and preliminary construction, the release says.
Wellington’s real estate market is largely known for its equestrian estates. In one of the most controversial recent proposals, Wellington Lifestyle Partners proposes to redevelop 96 acres of the 9,000-acre equestrian preserve with luxury residences. The developers are a joint venture between Mark Bellissimo’s Wellington Equestrian Partners and Nexus Luxury Collection, which includes Tiger Woods, Joe Lewis’ Tavistock Group, golf great Ernie Els, Justin Timberlake and founding eBay president Jeff Skol.
The north portion of the project would consist of 49 single-family homes, 47 townhomes, a clubhouse and golf facility that will replace the Equestrian Village showgrounds. The south portion would consist of 107 luxury villas and five 4-acre farms. The village council approved the project last month.
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