Developers Nab $368 Million in Loans for SoFla Projects

South Florida developers landed $368 million in financing this week as lenders backed a mix of commercial projects across the tri-county region.

Argentine developer HA Emprendimientos secured one of the biggest loans recently with a $111 million construction loan for the development of a luxury multifamily tower in Miami’s Edgewater. The loan, originated by S3 Capital and arranged by JLL Capital Markets’ Max La Cava on behalf of the developer, will finance Sense22, a 36-story project at 114 to 138 Northeast 22nd Street.

The 262,000-square-foot development will include 328 residential units and 372 parking spaces, according to an S3 Capital news release. Units will range from studios to two-bedrooms, with an average size of about 800 square feet. Forty percent of those units will be designated as affordable housing for residents making 100 to 120 percent of the area median income, allowing the project to qualify for a tax break under Florida’s Live Local Act, the release said.

HA Emprendimientos CFO Gonzalo Espinosa acquired the site for $8 million in 2023, the Commercial Observer reported. Planned amenities for Sense22 include a pool, rooftop terrace, spa, fitness center and coworking spaces.

Next, Florida-based developer Kolter Group and Boston-based private equity firm Rockpoint obtained a $107.8 million construction loan for their multifamily project in Palm Beach Gardens.

PNC Bank provided financing for the Sutton, a five-story garden-style apartment complex north of North Military Trail and west of Dixie Highway. The transaction includes the acquisition of the 17.6-acre site, which the joint venture closed on for $30 million earlier this week, according to the Commercial Observer. The site used to house the Hilltop Gardens Mobile Home Park.

The Sutton will comprise 432 units ranging from studios to three-bedrooms and surface parking, a Rockpoint news release said. It will also have a pool, fitness and wellness spaces, co-working rooms, a dog park and a maker’s studio. Completion is slated for 2028.

Sina Companies landed a $64.8 million construction loan for The Health Park at Avenir in Palm Beach Gardens. The loan was provided by a Texas-based financial services firm and arranged by Ezra Katz and Sean Harrington of Aztec Group.

The Health Park at Avenir includes a planned two-story hospital and three-story medical outpatient building within the 4,750-acre community Avenir, according to an Aztec Group news release. The 53,400-square-foot hospital and 48,100-square-foot outpatient building are fully leased to Jupiter Medical Center, the release said.The project includes future development of 24,000 square feet of medical outpatient space.

Dependable Equities landed a $54 million pre-construction loan to advance two luxury residential towers in Fort Lauderdale.

CDK Capital originated the bridge loan, which will support the planning and pre-development of the high-rises at 101 Southeast 7th Street and 633 Southeast Third Avenue, according to a news release. Daryl Hagler and Allen Weinstein of CDK Capital arranged the financing. Valley National Bank is serving as a participating lender.

The nearly 2 million-square-foot projects, designed by architecture firm ODA, will include about 1,460 multifamily residences and 14,000 square feet of ground-floor commercial space, the release said.

Construction is expected to begin in early 2028.

Grover Corlew received $30 million in financing from BankUnited for Hillsboro Center, a 223,700-square-foot office complex in Deerfield Beach. A JLL Capital Markets team led by Paul Stasaitis and Paul Adams arranged the two-year senior loan on behalf of the Boca Raton-based investment group.

Grover Corlew acquired the property at 600 and 700 West Hillsboro Road in 2019 and has invested $10 million over the past three years to renovate and reposition it, according to a JLL news release. The office complex, which is 97 percent leased to 43 tenants in 15 industries, includes a fitness center, lounge and on-site parking garage.

The firm has approval to redevelop a portion of the site’s western half into Mayla Hillsboro, a 360-unit multifamily project, the release said.