Grover Corlew landed a $114.4 million refinancing for its newly finished 355-unit apartment complex in Pompano Beach.
The deal marks a continuation of loan deals in South Florida, despite elevated interest rates.
PNC Financial Services Group provided the new debt for the Mayla Pompano complex at 11 Northeast 24th Avenue, according to a Grover Corlew news release. It refinanced a $78.2 million project construction loan the bank had provided in 2022 and also bumps up the financing package by $36.2 million, records show.
Boca Raton-based Grover Corlew completed Mayla Pompano, a pair of eight-story buildings and two garages, this year. It’s the first project part of Grover Corlew’s Mayla Residences brand.
The property offers studios, as well as one- to three-bedroom apartments, ranging from 548 square feet to 1,383 square feet, the release says. Monthly rents range from $2,115 to $4,500, according to Mayla Pompano’s website.
Grover Corlew, led by principals Mark Corlew and Anuj Grover, is a developer and property manager with a portfolio consisting of more than 10,000 units and over 10 million square feet, its website shows. This includes the office buildings at 2335 and 2401 East Atlantic Boulevard, next to Mayla Pompano, as well as the two-building Palmetto Central office campus at 1489 and 1499 West Palmetto Park Road in Boca Raton.
Last year, Grover Corlew won approval for a land-use change for a planned 360-unit apartment complex at 600 and 700 West Hillsboro Boulevard in Deerfield Beach.
South Florida construction loans and refinancing deals have continued to flow. In August, Vanderbilt Office Properties and its partners in the Northbridge Centre at 515 North Flagler Drive in downtown West Palm Beach landed a $96 million refinancing for the office tower. This month, the Pérez family’s Related Group and Dezer Development scored a $307 million construction loan for their 92-unit Rosewood Residences condo at 1174 and 1185 Hillsboro Mile in Hillsboro Beach.