Aztec Group Secures 45 Million Non-Recourse Loan For Apartments In Lease-Up Subject To Ground Lease

Aztec Group Managing Director Sean Harrington and Senior Associate Joel Zusman secured a $45 million, non-recourse loan for the refinancing of Tamarac Village, a Lotis Community, Phase I, a 211-unit luxury rental apartment community in Tamarac.

Tamarac Village Phase I, a Lotis Community was completed in 2020 and experienced rapid leasing velocity through the pandemic and is currently 99% occupied. Phase II of Tamarac Village is under construction and scheduled for completion in 2022. Upon completion of Phase II, Tamarac Village will total 401 units.

The project was built as a Public Private Partnership between the developer, JKM Developers, and the City of Tamarac subject to a long-term ground lease. Lotis will also develop and contribute an adjacent parcel, to be utilized as the Tamarac City Center and a public park.

Tamarac Village Phase I is located at 9141 West Commercial Boulevard on a ± 6.94-acre parcel, ground leased from the City of Tamarac. Tamarac Village Phase I includes several first-class amenities including a state-of-theart two-story fitness facility, an 8,885 square foot clubhouse featuring a game and media room, a resort-style pool and private garage spaces incorporated into each building.

The property was developed via a joint venture partnership between Boca Raton-based Lotis, the sponsor and developer, and Blue Bell, Pennsylvania-based Capital Solutions, Inc. Full term interest only financing was provided by New York City-based Limekiln Real Estate.

“Tamarac Village, a Lotis Community is a transformative development bringing in new luxury rentals, retail and public benefit uses to the City of Tamarac. Aztec Group is proud to have secured refinancing that exceeded our client’s expectations and continue its long-term relationship with Lotis Group,” added Harrington.

 

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