Estate Cos. obtains $56M construction loan for Dania Beach apartments
The Soleste Cityline apartments will be developed at Federal Highway and Dania Beach Boulevard, in Dania Beach.
The Estate Cos. and its partners obtained a $56 million construction loan to start building the Soleste Cityline apartments in Dania Beach.
Synovus Bank provided the mortgage to the developer, a partnership between Miami-based the Estate Cos., Fort Lauderdale-based Merrimac Ventures and Miami-based Tricera Capital. The latter two companies will own the retail portion of the project.
They plan to break ground by the end of the first quarter. The project is expected to be completed in the first quarter of 2023.
Located at 4 N. Federal Highway, Soleste Cityline will rise eight stories with 340 apartments, 12,800 square feet of retail and a parking garage. Units will range from 600-square-foot studios to 1,200 square feet with three bedrooms.
Amenities will include a pool deck, a fitness center, outdoor grilling stations, a clubroom and private event space.
It was designed by Caymares Martin.
“Synovus has been an amazing financial partner of ours through the years,” said Jeffrey Ardizon, principal of the Estate Cos. “The team really has its pulse on this market and a true understanding of what makes a mixed-use development of this magnitude successful. This combination translates into a fluid transaction, especially when they believe in your product as much as you do.”
The 2.2-acre site is at the northeast corner of Dania Beach Boulevard. The developer acquired it through 4 Dania Beach Holdings LLC for $8 million in September 2020.
The developer previously received a $1 million incentive deal from the Dania Beach Community Redevelopment Agency, as the city has encouraged redeveloped in the area.
Dev Motwani, president and CEO of Merrimac, first started the entitlement process on the site.
Dania Beach is home to a flurry of development for a growing population of younger residents.
Written by: Brian Bandell - Senior Reporter, South Florida Business Journal