Dev Motwani And Nitin Motwani's Merrimac Ventures Secures $80 Million Refinance Loan For 306-Unit Plantation Multifamily

The property asset involved in this transaction is a multifamily unit located at 1711 North University Drive, Plantation. The asset comprises 306 units with a total square footage of 300,000. The loan amount secured for this property is $80,000,000, which is for a refinance at terms of three years with full-term interest only.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $80,000,000
• Address: 1711 North University Drive
• Market: Plantation
• Units: 306
• Square Footage: 300,000
• Lender: Jonathan Gray & Stephen A. Schwarzman - Blackstone
• Landlord: Dev Motwani & Nitin Motwani - Merrimac Ventures
• Brokers: Scott Wadler, Abigail Beauchamp, Patrick Johnson, Mitch Sinberg, Brad Williamson & Matthew Robbins - Berkadia
• Loan Type: Refinance
• Loan Terms: Three-year, full-term interest only

The transaction involves key individuals and entities, with Scott Wadler, Abigail Beauchamp, Patrick Johnson, Mitch Sinberg, Brad Williamson, and Matthew Robbins from Berkadia acting as the brokers in the deal. The landlords are represented by Dev Motwani and Nitin Motwani of Merrimac Ventures, while the lenders are Jonathan Gray and Stephen A. Schwarzman from Blackstone.