David Martin‘S Terra scored his second loan for 16000 pine market, its retail development in Pembroke Pines, Florida, according to real estate records.
The $ 43.7 million loan – provided by a real estate investment firm Thorofare capital – finances the second construction phase, which is expected to be completed in 2022.
In 2017, a corporation based in Coral Gables S&K Worldwide Realty Borrowed $ 48.8 million, real estate records show.
Anchored by a Publix Supermarket, the retail development includes a 22,747 square foot Crunch fitness Fitness room and a 25,000 square meter Burlington Department store. The 117,583-square-foot retail project in 16000 Pines Boulevard, is in the heart of the suburb’s shopping district. A whole food and Cost co are less than a mile away.
“Terra’s continued investment in Pembroke Pines reflects the city’s growing resident population,” said Terra CEO David Martin in prepared remarks.
Terra is developing another retail project in Pembroke Pines, Pines town center, which is also in the second construction phase.
Terra, based in Coconut Grove, is one of the most prolific developers in South Florida. According to the company, its portfolio includes 10 million square feet of residential, commercial and mixed-use developments valued at more than $ 8 billion.
In March, the company received a massive $ 340 million loan to build it Five park, a residential tower in Miami Beach. Just last week the company bought a package on Bay Harbor Islands for $ 31.5 million since CO reported for the first time.
Real Estate Loan Fund Manager, Thorofare capital, specializes in lending between $ 10 million and $ 100 million. Since its inception in 2010, it has spent more than $ 2.8 billion in 31 states, the company says.
Walker & Dunlop‘S Keith Kurland, Jackson Sastri and Ian Hawk organized the financing.