13th Floor Secures $68M for Broward County Multifamily Project
Santander Bank provided the construction financing for the 383-unit development
By Julia Echikson March 18, 2025 7:05 am
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13th Floor Investments and JSB Capital Group nabbed a $67.5 million construction loan, in addition to a new preferred equity sponsor, for a multifamily project in Davie, Fla., property records show.
The construction debt from Santander Bank will finance Parks at Davie, a 21-acre, 383-unit development on the northwest corner of Davie Road and Southwest 37th Street, surrounded by Broward College’s Davie campus, according to the joint venture.
Construction will start later this month and is expected to be completed in 2027. The sponsors have a 99-year ground lease with the public college, according to a report by Davie town officials.
In addition to the construction financing, Houston-based Marble Capital joined the project as a preferred equity investor, with a team led by Aztec Group’s Peter Mekras assisting with the capitalization. (A representative for 13th Floor declined to comment on the amount.)
The development will house a two-story clubhouse and 6,200 square feet of ground-floor retail space as well as four five-story residential buildings, where 20 percent of the apartments will be priced as workforce housing.
Besides Parks at Davie, Miami-based 13th Floor Investments has just completed the first phase of its Parks at Delray project, which features 420 apartments in Delray Beach. The firm is also building a 398-unit, garden-style development in Hallandale Beach after securing a $83 million loan from CIBC Bank in August.
On the luxury end, the Arnauld Karsenty-led developer has teamed with First Miami Presbyterian Church to develop a condo tower next to its waterfront property in Miami’s Brickell district.
Julia Echikson can be reached at jechikson@commercialobserver.com.
