The Estate Cos. has broken ground on an apartment complex in Lauderhill after obtaining a $93.2 million construction loan.
Synovus Bank assumed the $12.87 million loan obtained on the property a year ago and boosted it by $80.33 million. The 13.7-acre site at 7730 W. Commercial Blvd. is being developed by 77 Lauderhill Holdings LLC, led by executives at Miami-based the Estate Cos.
The property previously had a Target store, but it was closed in 2018 and subsequently demolished. The property last traded for $23.55 million in 2021.
The developer recently filed notice with the county that it started construction of Soleste Westgate, featuring 529 apartments in six stories, along with a two-story clubhouse, a pool and about 840 parking spaces.
The Estate Cos. is one of the most prolific multifamily developers in South Florida. It has finished eight Soleste-branded apartment complexes in South Florida since 2012, and sold most of them.
Aug 2022. South Florida Business Journal.