Merrimac Ventures received a $ 72 million home loan for an apartment building project in Plantation.
Fort Lauderdale-based, family-owned Motwani Merrimac will begin construction on the 306-unit project on 1711 North University Drive in June, according to a press release. Bank OZK loaned $ 50.6 million and CanAm Enterprises loaned $ 21 million.
David Harte and Jason Krane from Ackman-Ziff processed the loan on behalf of the borrower.
The $ 90 million Merrimac plantation is slated to be completed by 2023. According to the press release, the six-story, 293,945 square meter facility will include a pool, fitness room, club and game rooms as well as 543 parking spaces.
Merrimac Ventures is led by Co-CEOs Nitin Motwani and his brother Dev Motwani. It was founded as an import-export company by their parents, the late Ramesh “Bob” Motwani and his wife Ramola Motwani in the 1970s, and expanded to include the purchase of beachfront hotels in Fort Lauderdale in the 1980s, according to the website.
Since then, it has worked on larger projects like the Four Seasons Hotel and Residences Fort Lauderdale Beach and the 218-key dual-branding Home 2 / Tru by Hilton located at 315-333 Northwest First Avenue in the Flagler Village neighborhood of Fort Lauderdale. At another company in the trendy neighborhood, Merrimac bought lots of 317 North Federal Highway and 515 Northeast Third Street for $ 14 million in September.
Nitin Motwani also worked with Art Falcone on the development of the 27-acre Miami Worldcenter in downtown Miami.
Multi-family home loans are flowing, which underscores the confidence in the market. With additional funding from Broward County, Eden Multifamily and Cypress Equity Investments received a $ 23.7 million home loan in April. Also in April, Terra and New Valley received a $ 64.8 million loan for the 460 Units encompassing Natura Gardens in northwest Miami-Dade County.