Krea USA Nabs $62M Construction Loan for Lauderhill, Fla., Rental

Krea USA nabbed a $61.8 million construction loan for a multifamily development in Lauderhill, Fla., property records show.

The financing from Abanca Bank covers the 385-unit Le Parc at Lauderhill development, at 3831 Northwest 13th Street, just east of the Lauderhill Mall and North State Road 7.

The 10-acre development will include three eight-story buildings, including a day care operated by a nonprofit and no other commercial space on the ground floor. Construction started in March and is expected to be completed next year. 

The project has undergone a few changes since first being pitched in 2020. It was originally envisioned as a workforce housing development, with Vivian Dimond’s Bayshore Capital Grove as a partner.

Fast forward six years, the development will have no rental restrictions, and Krea USA bought out Bayshore Capital Grove’s stake, Akrisht Pandey, Krea USA’s director of real estate, told Commercial Observer.

Still, a tax abatement amounting to $9.1 million over 10 years, which the City of Lauderhill approved in 2022, will remain, Pandey added. Rents are expected to range between 100 and 120 percent of the area’s median income. The developer will build a public road.

Krea USA, led by founder and CEO Mauricio Girault, specializes in mixed-income multifamily residential properties. In January, the Miami-based firm proposed building an affordable homeownership condominium in Miami’s Overtown neighborhood on land owned by the city, the South Florida Business Journal reported. 

A representative for Bayshore Capital Grove did not respond to requests for comment.

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