Merrimac Ventures has secured two home loans for its $ 90 million apartment building in Plantation, Florida. Bank OZK has provided $ 50.6 million in mortgage lending, while CanAm Enterprises provided a $ 21 million loan to help break the ground at the Merrimac plantation. David Harte, Jason Krane and Simon Ziff from Ackman Ziff arranged the loans for the developer.
Merrimac hired local company Kaufman Lynn Construction as general contractor, which will begin construction on the project in June. The six-story facility is expected to be completed by 2023, adding 306 units to the South Florida market. The 293,945 square foot Merrimac Plantation is also being built with a pool, gym, club room, game room and 543 parking spaces.
Merrimac co-CEOs Dev and Nitin Motwani said in a prepared statement that the demand for marketable rental housing in the Central Broward district, where Merrimac Plantation is located, is growing. The CEOs also noted in prepared comments that the area is seeing an influx of new residents due to its good location, quality of life and proximity to major employers.
SOUTH FLORIDA PIPELINE
For the past several years, Nitin Motwani has worked with the Falcone Group and the CIM Group on the 27-acre master plan mixed-use development for the Miami Worldcenter. With the $ 4 billion project nearing completion, Merrimac says Nitin Motwani, along with his brother Dev, is turning his attention to other projects at Merrimac Ventures.
In addition to the Merrimac Plantation, the company has several residential projects in South Florida in its development pipeline. In Fort Lauderdale, Florida, Merrimac is working on a two-phase, mixed-use apartment building that will include two towers totaling 1,214 units and an 11-story condominium. The developer also has plans for a 27-story, 92-unit luxury property tower in Pompano Beach, Florida.