Krea USA Secures $61.8 Million Construction Loan From Abanca Bank For Lauderhill Multifamily Development

A 10-acre development site located at 3831 Northwest 13th Street in Lauderhill, Florida, is involved in this transaction. Krea USA is developing the site into a 385-unit multifamily project named Le Parc at Lauderhill, with a secured construction loan of $61.8 million from Abanca Bank. Construction commenced in March and is anticipated to conclude next year, with the project benefiting from a $9.1 million, 10-year tax abatement despite the transition from workforce housing to market-rate apartments.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $61,800,000
• Address: 3831 Northwest 13th Street
• Market: Lauderhill, FL
• Lender: Abanca Bank
• Landlord: Mauricio Girault - Krea USA
• Asset Size: 10 acres
• Unit Count: 385 multifamily units
• Loan Type: Construction
• Tax Abatement: $9.1 million for 10 years

Mauricio Girault represents Krea USA in this transaction, emphasizing his role in overseeing the construction financing from Abanca Bank. The development is set to contribute significantly to the Lauderhill area, transitioning to market-rate apartments while navigating its tax advantage.