Centennial Bank Provides $41 Million Loan to Developer for Redevelopment
The financing will help construct a multifamily apartment in Sunrise
A $41 million loan to LUXCOM from Centennial Bank Southeast Florida will help provide the funding to redevelop a vacant retail center in Sunrise into a multifamily apartment community. Redevelopment plans include constructing a six-building, 235-unit garden-style apartment community on the 9.5-acre site at 8083-8093 W. Oakland Park Blvd. The future development will consist of one, two and three-bedroom units ranging from 725 to 1,371 square feet, with construction expected to begin in the coming weeks.
J.C. de Ona, Southeast Florida Division president of Centennial Bank and Yuleisy Montalvo, Senior Vice President/Senior Commercial Loan Officer at Centennial Bank Southeast Florida, helped negotiate the terms. Centennial Bank has a longstanding relationship with LUXCOM, having provided funding for various projects in the multifamily, single-family, mixed-use and townhome sectors, including Pioneer Estates in Royal Palm Beach and Venetian Parc in Southwest Kendall.
The new project is in a prime location, given its proximity to the south and east sides of University Drive and Oakland Park Boulevard. The community will be near national chains like Aldi, Walgreens, SunTrust Bank and more.