Grover Corlew scored a $92 million construction loan for a 312-unit apartment project in Fort Lauderdale.
The deal comes as lending continues to flow in South Florida, despite elevated interest rates, skyrocketing insurance and the threat of higher construction costs due to tariffs.
Boca Raton-based Grover Corlew plans the seven-story building on a 3.7-acre site at 6261 Northwest Sixth Way in the Cypress Creek submarket, according to a news release from the borrower’s broker. San Antonio, Texas-based Affinius Capital provided the loan, which has a three-year term.
Scott Wadler and Patrick Johnson were part of the Berkadia team that represented Grover Corlew in the financing.
Led by principals Mark Corlew and Anuj Grover, the development firm plans to immediately start construction. Completion is expected by May 2027, according to the release.
The project, called Mayla Cypress, is the second under Grover Corlew’s Mayla brand. Last year, the firm completed the 355-unit Mayla Pompano with a pair of eight-story buildings at 11 Northeast 24th Avenue in Pompano Beach. In December, Grover Corlew scored a $114.4 million refinancing for Mayla Pompano’s $78.2 million construction loan.
Mayla Cypress’ amenities will include a billiards bar and an adjacent speakeasy, the release says.
The project is adjacent to cloud computing and software company Citrix’s headquarters. Mayla Cypress will share 586 indoor and outdoor parking spaces with the Citrix office building at 701 West Cypress Creek Road, according to the release.
Grover Corlew has a portfolio of more than 10,000 units and 10 million square feet of commercial property, including developed, owned and managed space, according to its website.
South Florida’s multifamily market is experiencing an oversupply due to a record 18,600 unit completions last year, which outpaced the 15,000 net new leases, CoStar Group data shows.
Some developers continue to start building apartment projects, with many saying the supply overhang will be absorbed by the time they finish their buildings.
In other recent construction loans, Kushner Companies landed $115 million last month to build a luxury three-story, 68-unit apartment project at 9300 Collins Avenue in Surfside. Also last month, Woodfield Development and Flagler Realty & Development scored an $80.6 million construction loan for an eight-story, 358-unit mixed-use multifamily building with 19,000 square feet of retail space at 8111 South Dixie Highway in West Palm Beach.
In Miami’s Brickell, Empira Group scored $111.3 million last month for the 26-story, 310-unit Perrin apartment tower at 244 Southwest Ninth Street.
In Fort Lauderdale, Affiliated Development secured an $80 million loan last month to build The Era, an eight-story, 400-unit apartment building at 2125 South Andrews Avenue.
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