Grover Corlew Lines Up Financing for Ft. Lauderdale Multifamily Venture
Grover Corlew has closed on a $92 million financing package for the construction of a 312-unit apartment complex in Fort Lauderdale’s Cypress Creek submarket.
The S. Florida Business Journal reports Bank OZK provided a $72.3 million mortgage, and Affinius Capital awarded a $19.7 million mezzanine loan to the Boca Raton-based developer. The loan covers the 3.71-acre site at 6261 N.W. Sixth Way, which is next to the headquarters of tech firm Citrix. Berkadia’s Scott Wadler, Mitch Sinberg, Brad Williamson and Matthew Robbins arranged the loan for the developer.
Grover Corlew purchased the property for $5.9 million in 2022. It had an office on it, which was subsequently torn down.
Amenities in Mayla Cypress will include a billiards room with an adjacent speakeasy, a pool with cabanas, a fitness center, a coworking space, a yoga room, a clubroom, an outdoor kitchen and a sundry store.
Completion’s expected for 2027. Straticon is the general contractor, and MSA Architects is the designer.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout