Berkadia Secures $92 Million Construction Loan For Grover Corlew’s New Multifamily Property In Fort Lauderdale

Berkadia has secured a $92 million loan on behalf of Grover Corlew to finance construction of Mayla Cypress, a new 312-unit luxury apartment building in the Cypress Creek submarket of North Fort Lauderdale.

Managing Director Scott Wadler and Vice President Patrick Johnson, as well as Senior Managing Director Mitch Sinberg and Managing Directors Brad Williamson and Matthew Robbins of Berkadia Miami and Boca Raton, arranged the financing.

The deal closed on May 30. Affinius Capital provided the 3-year construction loan.

This is the second upscale multifamily community under the Mayla Residences brand for Grover Corlew, the Boca Raton real estate firm focused on acquiring, transforming and managing signature office, multifamily and retail properties. Last year, Grover Corlew completed Mayla Pompano in Pompano Beach, Florida, which has achieved market-leading rents in this submarket due to its high-quality finishes and incredible views.

“The sponsor identified a premier infill location close to more than 8 million square feet of office space, including several corporate headquarters, to build Mayla Cypress,” said Wadler. “Thanks to their investment, this section of Fort Lauderdale is transforming into a pedestrian-friendly, live-work-play neighborhood and providing much-needed housing to the area’s workforce.”

 

“As with all Mayla Residences, Mayla Cypress will aim to perfect the multifamily living experience by offering spaces with local personality and flare, unanticipated conveniences and refined luxuries,” said Anuj Grover, partner at Grover Corlew. “Mayla Cypress will meet the needs of discerning residents while integrating itself into the overall park.”

Located at 6261 NW 6th Way, Mayla Cypress is rising on a 3.71-acre site Grover Corlew assembled in 2022. Plans calls for high-end lifestyle amenities to elevate the surrounding office and commercial district into a vibrant neighborhood. These include a billiards bar with an adjacent speakeasy, a courtyard, a resort-style pool with cabanas, a two-story 24/7 state-of-the-art fitness center with cardio mezzanine level, coworking space, event conference space, yoga-aerobics room, clubroom, outdoor kitchen, sundry store, dog spa, bicycle storage and repair station, resident storage cages, interior mailrooms and package rooms and access to 586 indoor and outdoor parking spaces shared with the neighboring 701 office building at the Citrix corporate campus.

The property is ideally located east of I-95, off the Cypress Creek Road Exit, with a central location between Boca Raton (12 miles) and Downtown Fort Lauderdale (6 miles). It is within walking distance of the Tri-Rail Station and Fort Lauderdale’s Executive Airport.

Grover Corlew anticipates immediately breaking ground with completion of Mayla Cypress expected by May 2027. Straticon will act as the general contractor.