Debt replaces a $57M construction loan for the 387-unit apartment development
Developer David Martin’s Terra closed on $91 million in financing for its Pembroke Pines project.
Records show Terra City Center MF secured the loan from Mack Real Estate Group for the recently completed Pines Garden at City Center, a 387-unit luxury rental complex at 10400 Southwest City Center Boulevard.
The debt replaces a $56.7 million construction loan from Florida Community Bank, which closed in December 2017.
Pines Garden is part of Pines City Center, a 47-acre master-planned community. Retail tenants include Publix, Cooper’s Hawk, Outback Steakhouse, West Marine, BurgerFi, Smoothie King, Bento Café, Halal Guys, and UFC Gym, according to a spokesperson.
Late last year, Terra sold the first phase, nearly 150,000 square feet of retail space at the southwest corner of Pines Boulevard and Palm Avenue, to TA Realty for $80 million.
Terra has another 150,000 square feet of retail, entertainment and restaurant space next to Pines City Center.
The mixed-use project is directly next to a $60 million civic center with a 3,500-square-foot performing arts center and conference hall, an outdoor plaza, a 10,000-square-foot art gallery and a new city hall for Pembroke Pines.