Parc3400 will be sit near the southwest intersection of Interstate 595 and the Florida Turnpike on an eight-acre site at 3400 Davie Road.

MIAMI—Parc3400, a 259-unit, class A multifamily property in Davie, FL, has secured $41 million in construction financing. The multifamily project is a joint venture between Giles Capital Group, Rosemurgy Properties, and FSG Holdings.

HFF worked exclusively on behalf of the borrower to place the construction loan. Mutual of Omaha Bank offered the loan. Park Partners Residential will manage and lease the asset.

“As demand for high quality apartments with great amenities continues to grow, the developer will be offering a unique product for both residents who already live in the immediate area, as well as those attracted by the convenient access the location provides to all of south Florida,” HFF managing director Elliott Throne tells GlobeSt.com. “The pairing between the developers and lender was a natural fit given their success on a recently completed project in nearby Boca Raton.”

Parc3400 will be sit near the southwest intersection of Interstate 595 and the Florida Turnpike on an eight-acre site at 3400 Davie Road. The site is next to Nova Southeastern University and is about 25 miles north of Miami in Broward County. A new Whole Foods grocery store is in the city.

Set to open its doors in summer 2017, the multifamily property will feature one-, two- and three-bedroom units with granite countertops, stainless steel appliances, walk-in closets, in-unit washers and dryers, ceiling fans, impact-resistant windows and sliding doors, and private balconies and patios. Common area amenities include a swimming pool, pavilion, clubhouse, 84 bicycle parking spaces and car charging stations.

New multifamily construction is slim in Davie. The only multifamily asset expected to come online this year is Shalimar at Davie, a 240-unit complex. According to CBRE, there are 10,287 multifamily units in the Weston-Davie area with a vacancy rate of 3.5%.

HFF worked exclusively on behalf of the borrower to place the construction loan. Mutual of Omaha Bank offered the loan. Park Partners Residential will manage and lease the asset.

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