Terra Lands $91M Refi Deal for Pembroke Pines Multifamily Project
The recently completed 387-unit luxury rental development at 10400 Southwest City Center Blvd. is part of Pines City Center, a 47-acre master-planned village featuring approximately 300,000 square feet of lifestyle-oriented retail, entertainment and restaurant space.
PEMBROKE PINES, FL—Real estate development firm Terra has secured a $91-million refinancing loan through an affiliate of Mack Real Estate Group of New York City for its Pine Gardens at City Center development here.
The recently completed 387-unit luxury rental development at 10400 Southwest City Center Blvd. is part of Pines City Center, a 47-acre master-planned village featuring approximately 300,000 square feet of lifestyle-oriented retail, entertainment and restaurant space.
The overall development is home to Publix, Cooper’s Hawk, Outback Steakhouse, West Marine, BurgerFi, Smoothie King, Bento Café, Halal Guys, UFC Gym and a movie theater.
Pine Gardens at City Center is approximately 40% leased three months after opening to residents.
“Our ability to close this significant loan reflects the early leasing success we’ve experienced at Pines Garden, the significant demand for luxury rentals in Pembroke Pines, as well as the strong relationship between Terra and Mack Real Estate Group,” says David Martin, president of Coconut Grove, FL-based Terra. “Our team created a master plan comprising high-end rental homes and lifestyle-centered retail that will service the community’s tenants as well as surrounding residents. The result is a condensed area of development that is introducing a new amenity for Pembroke Pines and maximizing value for the neighborhood.”
Pines Garden at City Center offers one- to three-bedroom garden apartments and two- or three-bedroom townhouses covering 651 square feet to 1,491 square feet of living space, as well as private balconies and terraces.
Monthly rents begin at $1,645 for a one-bedroom apartment; $1,795 for a two-bedroom apartment; and $2,256 for a three-bedroom apartment at the gated community. Two- and three-bedroom townhouses range from $2,475 to $2,845 per month.
Amenities include a two-story Pines Garden Clubhouse, which features a state-of-the-art fitness center, children’s playroom and game room, resort-style pool, co-working lounge and coffee bar, outdoor cooking area and other recreational options. Other features include a gazebo, a life-size chess board, a dog park, and play spaces that include an enclosed tot-lot area.
Next door to the development, the City of Pembroke Pines recently celebrated the opening of the Charles F. Dodge City Center and Convention Hall, which features a 3,500-seat auditorium, art gallery and fully programmed outdoor plaza.