Merrimac Ventures has secured a $ 72 million construction loan for a multi-family project at Plantation.
Fort Lauderdale-based Merrimac company owned by the Motwani family will begin construction of the 306-unit project at 1711 North University Drive in June, according to a press release. OZK Bank issued $ 50.6 million and CanAm Companies issued $ 21 million.
David Harte and Jason Krane of The Ackman Ziff managed the loan on behalf of the borrower.
Merrimac’s $ 90 million plantation is expected to be completed by 2023. The six-story, 293,945 square foot development will include a swimming pool, gym, club and game rooms and 543 parking spaces, according to the press release.
Merrimac Ventures is led by co-CEOs Nitin Motwani and his brother Dev Motwani. It was started by their parents, the late Ramesh “Bob” Motwani and his wife, Ramola Motwani, in the 1970s as an import-export business, and has expanded to purchase hotels in waterfront in Fort Lauderdale in the 1980s, according to its website.
Since then he has partnered with larger projects, such as the Four Seasons Hotel and Residences Fort Lauderdale Beach and the 218-key double brand Home 2 / Tru by Hilton at 315-333 Northwest First Avenue in the Flagler Village neighborhood. of Fort Lauderdale. At another business in the trendy neighborhood, Merrimac bought properties at 317 North Federal Highway and 515 Northeast Third Street in September for $ 14 million.
In addition, Nitin Motwani worked with Art Falcone on the development of the 27-acre Miami Worldcenter in downtown Miami.
Funding for multi-family construction has poured in, signaling confidence in the market. In another Broward County financing deal, Eden Multifamily and Cypress Equity Investments secured a $ 23.7 million construction loan and a $ 8.6 million preferred stock placement in April for 212 Eden units. West in Tamarac. Also in April, Terra and New Valley secured a $ 64.8 million loan for 460 Natura Gardens units in northwest Miami-Dade County.