Terra Group has received $56.8 million in construction financing for a new phase at Pines City Center, located in Pembroke Pines, a 387-unit community.
The funds were obtained the from Florida Community Bank. The market-rate units will feature amenities such as a swimming pool, clubhouse as well as a fitness center. Residents will have immediate access to retailers, restaurants, employers and entertainment venues located in the Pines City Center retail center.
“About 400,000 people live within five miles of Pembroke Pines City Center, with approximately 5,000 apartment units rising within Broward County. With strong market fundamentals in place, Pembroke Pines is one of the fastest-growing suburban markets in South Florida,” said Sean Harrington, director at Aztec Group, in a statement.
Pembroke Pines’ new civic center was recently completed and features a 3,500-seat auditorium, a 10,000-square-foot art gallery, a new city hall and an outdoor plaza. Terra Group estimates an additional 120,000 square feet of hotel and office space to be added to its mixed-use village.
“There’s a lot of competition in the financing sector for this type of Class A, mixed-use development, especially for the multifamily rental component. The relationship that Aztec Group has nurtured between Terra and Florida Community Bank over several years, coupled with Terra’s strength as a borrower and developer, helped our team secure excellent financial terms on the construction loan,” said Jason Shapiro, managing director at Aztec Group, in a released statement.