The Estate Cos. broke ground on the Soleste Pompano Beach apartments thanks to a $52.5 million construction loan.
Synovus Bank, as administrative agent for a group of lenders, provided the mortgage to 208 Pompano Beach Holdings LLC, an affiliate of the South Miami-based developer. It covers the 1.95-acre site at 208 N. Federal Highway.
The Estate Cos. purchased the site for $9.8 million in July.
The developer recently filed a notice of commencement with the county, indicating it started construction on the project, on which it is self-performing as general contractor.
Soleste Pompano Beach will have 253 apartments, 4,000 square feet of commercial space, a 367-space parking garage and 11 parking spaces at the street level.
Units at Soleste Pompano Beach will range from 450 to 1,050 square feet. Amenities will include a pool deck, a fitness center and a picnic area.
Miami-based Caymart Design is the project's architect.
The Estate Cos. is one of the largest multifamily developers in South Florida, with eight Soleste-branded buildings completed since 2012 and more on the way. With rents in Broward County climbing at record rates, many developers are eager to move forward with apartment projects to capitalize on the hot market.
January 2023. South Florida Business Journal.
