UPDATE, September 4, 11:40 a.m .: Merrimac Ventures brought in another developer, who secured a $ 4.7 million loan, with the intention of bringing an eight-story mixed-use multi-family project to Dania Beach.
Fort Lauderdale-based Merrimac is now joined by Miami-based upscale apartment developer The Estate Companies. The 340-unit project, at 4 North Federal Highway, was renamed Soleste Cityline, as in Estate Cos. ‘ Soleste brand of multi-family developments in South Florida, according to a press release. The project was originally called Trion at Dania Beach.
Merrimac sold 2.5 acres of land for the planned community Wednesday to a subsidiary of Merrimac and The Estate Cos. for $ 8 million, the statement said. Merrimac bought the land in 2017 for $ 5 million.
The new community of Soleste will consist of studio to three bedroom units, with 600 square feet to 1,200 square feet. It will also include a pool deck, fitness center, outdoor grill stations, club room, and private event space. The real estate companies will develop the residential segment and Merrimac will retain all of the nearly 12,800 square foot commercial portion of the project. The developers plan to innovate in the fourth quarter.
Synovus arranged the loan, the statement said. Synovus also provided a $ 43 million loan for Terra’s purchase of a site in northwest Miami-Dade in December.
In August, Estate Companies purchased a former Ramada Inn in Hialeah for $ 15.25 million. In September, developer Steve Berman in partnership with real estate companies for an eight-story, 350-unit apartment complex in a historic 1920s bank building in downtown Hollywood.
Real estate companies also plan to launch two other new projects this year, one in Miami’s historic Spring Garden district and the other in North Miami Beach, the statement said.
In January, Driftwood Acquisitions & Development and Merrimac Ventures reached an agreement via an Opportunity Zone fund by raising $ 24 million to develop a dual-brand 218-key hotel in the Flagler Village of Fort Lauderdale.