TPA Group Scores $51M Loan for Pembroke Pines Mixed-Use Development
By Julia Echikson July 26, 2021 12:13 pm
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TPA Group secured a $51 million loan from Deutsche Bank (DB)’s New York branch for a massive, mixed-use development in Pembroke Pines, Fla., property records show.
Plans for the development — located between 1200 and 1300 SW 145th Avenue along Interstate 75 — include three office buildings, 350 apartments and a hotel, though the developer is still waiting for approvals.
TPA purchased the assemblage of parcels for a combined $17.3 million between 2017 and 2021, according to property records. So far, the site holds a 177,346-square-foot office building called Edison Pembroke Pines, which was delivered in 2019.
Last month, TPA filed an amendment to rezone 7.6 acres near the office building for the construction of 350 apartments, the South Florida Business Journal reported. The Pembroke Pines City Commission will vote on the proposed amendment on Aug. 4.
Drawings of the site show plans to develop two other office buildings, a 125-room hotel, and two parking garages, per SFBJ.
Deutsche Bank’s loan marks TPA’s third on the property — Synovus Bank first loaned $6.5 million in 2017, and $17.4 million a year later, per records.
Atlanta-based TPA has acquired, developed and sold more than $25 billion in real estate investments, the company says. Its portfolio includes office, industrial and retail properties, as well as residential communities in the Southeast.
TPA representatives did not immediately respond to requests for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
