Estate Cos. Nabs $53M Construction Loan for Pompano Beach Resi Project
The Estate Companies secured a $52.5 million construction loan for a multifamily project in Pompano Beach, Fla., property records show.
The loan — which Synovus Bank provided, acting as administrative agent for a group of lenders — will go toward building an eight-story building featuring 253 units and 4,000 square feet for retail.
The development, called Soleste Pompano Beach, is at 208 N. Federal Highway, between Northeast Fourth and Second streets, just a mile west of the beach. The South Miami-based company bought the 2-acre site in July for $9.8 million.
Construction got underway last week. It’s unclear when the project will be delivered. A representative for Estate has yet to respond to a request for comment.
Pompano Beach, historically a working-class town, is getting a makeover, thanks to developers launching luxury condo projects following two years of skyrocketing residential prices in South Florida.
Last month, Fortune International Group and Oak Capital broke ground on a Ritz-Carlton-branded oceanfront development. Back in May, the Chetrit Group secured a $94 million construction loan for a 121-unit project at the northern end of the town’s barrier island. Related Group is also developing a pair of luxury condo projects along the ocean.
As for Estate, the firm sold a rental property it developed in Miami’s Overtown neighborhood for $181 million last year.
Julia Echikson can be reached at email@example.com.