Merrimac Ventures received a $ 72 million building loan for a multi-family project in Plantation.
Fort Lauderdale-based family company Merrimac in Motwani will begin construction on a 306-unit project at 1711 North University Drive in June, according to a press release. OZK Bank lent $ 50.6 million, CanAm Enterprises – $ 21 million.
David Hart and Jason Crane of Ackman-Ziff processed the loan on behalf of the borrower.
The $ 90 million Merrimac Plantation is expected to be completed by 2023. The six-story 293,945-square-foot complex will reportedly include a swimming pool, gym, club and games rooms, and 543 parking spaces.
Merrimac Ventures is led by co-CEOs Nitin Motwani and his brother Dev Motwani. His parents, the late Ramesh “Bob” Motwani and his wife Ramola Motwani, founded it in the 1970s as an import-export business, and in the 1980s it expanded to buy hotels in Fort Lauderdale on the coast, according to information on the web. -site.
Since then, he has collaborated with larger projects such as the Four Seasons Hotel and Residences Fort Lauderdale Beach and the 218-key two-brand hotel. House 2 / Tru by Hilton at 315-333 Northwest First Avenue in Flagler Village, Fort Lauderdale. As part of another venture in the trendy Merrimack neighborhood, in September bought properties at 317 North-Federal Highway and 515 North-East Third Street for $ 14 million…
Nitin Motwani also worked with Art Falcone on the development of the 27-acre site. Miami World Center in the center of Miami.
Funding for multi-apartment construction is ongoing, which reflects market confidence. In another Broward County financial deal, Eden Multifamily and Cypress Equity Investments in April scored a $ 23.7 million building loan and a $ 8.6 million preference capital investment in Eden West with 212 apartments in Tamarats. Also in April, Terra and New Valley received USD 64.8 million USA loan for 460-apartment Natura Gardens in Northwest Miami-Dade County.