13th Floor Investments And JSB Capital Group Secure $67.5 Million Loan From Santander Bank For Development Site

The transaction involves a development site located at Davie Road & Southwest 37th Street in the Davie market. The project, named Parks at Davie, is a 383-unit multifamily development. The construction is set to begin this month, with an expected completion date in 2027. It will include market-rate and workforce housing, complemented by high-end amenities and 6,200 square feet dedicated to retail space. The construction financing for the project amounts to $67,500,000, provided by Santander Bank.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $67,500,000
• Lender: Santander Bank
• Landlord: Arnaud Karsenti, Aaron Stolear & Daryl Shevin - 13th Floor Investments; Jay Lobell - JSB Capital Group
• Broker: Peter Mekras - Aztec Group
• Loan Type: Construction

A joint venture between 13th Floor Investments and JSB Capital Group executed this deal. The financing is aimed to support the construction of a multifamily housing project in Broward County, addressing the need for diverse housing options in the area. The development will provide both market-rate and workforce housing, enhancing the local community.