Real estate company receives $ 56 million loan for mixed-use project in Dania Beach

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Dev Motwani (right) and Jeff Ardizon and Robert Suris of The Estate Companies with renderings of the project

UPDATED, February 12, 4:55 pm: The real estate companies have secured funding for a new mixed-use project in Dania Beach.

The home developer obtained a $ 55.5 million home loan from Synovus for a new eight-story, mixed-use, Class A building called Soleste Cityline on North Federal Highway 4. The development will consist of 340 luxury rental units and retail space, according to a press release.

Dev Motwani, President and CEO of real estate investment and development firm Merrimac Ventures, bought the property for $ 5 million in 2017 and is a partner on the project.

“I felt that Dania [Beach] would become a popular place, ”said Motwani.

In September Motwani and Merrimac Ventures brought in the Estate Companies as development partners for the multi-family part of the project and later partnered with Tricera Capital of Miami for the retail part.

The apartments will include studios, one-, two-, and three-bedroom units that are between 600 square feet and 1,200 square feet.

Soleste Cityline will also offer amenities including a pool deck, fitness center, outdoor grill stations, and a club room.

The sales area will be 12,800 square meters. There are currently no specific retail tenants, says Motwani, but he expects neighborhood and service-oriented retail and gastronomy.

The developers are planning the groundbreaking ceremony this quarter.

Last year, Motwani bought a development site in Fort Lauderdale for $ 14 million and can build residential, retail, or possibly a hotel on the site.

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