Bank OZK Leads $92M Loan Package for Fort Lauderdale Apartments

Grover Corlew secured a $92 million financing package to build a rental building next door to Citrix headquarters in Fort Lauderdale. 

Mayla Cypress will house 312 units at 6261 Northwest Sixth Way, between Powerline Road and Interstate 95, in Fort Lauderdale’s Cypress Creek neighborhood. Bank OZK provided a $72.3 million senior loan and Affinius Capital provided the $19.7 million, three-year mezzanine loan. 

Construction is expected to be completed in 2027. 

“The sponsor identified a premier infill location close to more than 8 million square feet of office space, including several corporate headquarters, to build Mayla Cypress,” Berkadia’s Scott Wadler, who brokered the financing alongside Patrick Johnson, Mitch Sinberg, Brad Williamson and Matthew Robbins, said in a statement. 

The Boca Raton-based developer paid $5.9 million for the 3.71-acre site just west of the Citrix headquarters. Last year, the cloud computing company sold the two-building property for $37 million in a deal that included a lease-back until 2036. 

The multifamily financing comes as lenders have slowed down issuing new multifamily loans — including Bank OZK, one of commercial real estate’s most prolific lenders — as interest rates remain elevated and rent growth has stalled since the height of the pandemic. 

Julia Echikson can be reached at jechikson@commercialobserver.com.