Trammell Crow Nabs $44M Construction Loan for Miramar Project
By Julia Echikson November 16, 2021 4:42 pm
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Trammell Crow Residential has scored a $43.9 million construction loan from U.S. Bank for a multifamily project in Miramar, Fla., property records show.
The developer secured approvals to build a low-rise, mixed-use multifamily property with 250 apartments, ranging from studios to three-bedroom units, according to public documents.
Located between the area northeast of Miramar Parkway and Southwest 148 Avenue near Interstate-75, the development is set to span 8.95 acres, surrounded by a Wells Fargo retail outpost, a Marriott hotel, a Cuban restaurant and an office building.
In tandem with the financing this month, Trammell Crow purchased the vacant parcel for $9.8 million from Pennsylvania-based Workplace Property Trust, per records.
Headquartered in Dallas, Texas, Trammell Crow has built more than 260,000 residences for over four decades, according to the company. Representatives for the developer did not immediately respond to a request for comment.
Miramar’s residential market, like the one across the region, is heating up. Earlier this month, Arlington, Va.-based AvalonBay Communities paid a whopping $133 million for a garden-style multifamily community.
Julia Echikson can be reached at jechikson@commercialobserver.com
