SUNRISE, FL-An affiliate of a joint venture between Davie-based Weitzer Communities and Miami Lakes-based J.I. Kislak Inc. has obtained a loan of almost $126.3 million to finance construction of the Tao condominiums. Plans call for two 26-story buildings with an aggregate of 396 units.
The project broke ground in January on an 8.2-acre parcel at the corner of Flamingo Road and Pink Flamingo Lane within the Sawgrass Mills development plan and across from the 2.1-million-sf Sawgrass Mills Mall. The JV acquired the lakefront parcel from Arlington, VA-based Mills Services Corp. in January 2005 for $8.7 million.
Corus Bank, the banking subsidiary of Chicago-based Corus Bankshares, is the lender. Brian Brodeur, SVP, tells GlobeSt.com the senior loan was arranged through the Miami office of Holliday Fenoglio Fowler and is for a three-year term. He declined to disclose the rate. "Despite the size of the funding, we were able to structure this non-recourse loan with no participants due to the project's strong pre-sales and the successful track record of the development team," Brodeur says. "It's the first high rise in West Broward. It's a prime location, and Sunrise is investing a lot of money for stadiums and other venues, which makes the timing right."
Tao's one-, two- and three-bedroom units, which include two-story, ground-level plans, range from about 1,100 sf to 2,000 sf, and are priced at between the $500,000s and $800,000s. They are more than 70% pre-sold.
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