Terra Closes on $91 Million Refinancing For Pines Garden at City Center Apartments in Pembroke Pines

Terra, a South Florida-based residential and commercial development firm, has closed on $91 million in financing for its newest multifamily community, Pines Garden at City Center in Pembroke Pines. The firm secured the loan through an affiliate of Mack Real Estate Group. With approximately 40% of its apartments already leased just three months after opening to residents, Pines Garden at City Center is Broward County’s latest example of suburban mixed-use development combining retail and residential uses within one pedestrian-friendly property. Located at 10400 Southwest City Center Boulevard, the recently completed 387-unit luxury rental development is part of Pines City Center, a 47-acre master-planned village featuring approximately 300,000 SF of lifestyle-oriented retail, entertainment and restaurant space including to Publix, Cooper’s Hawk, Outback Steakhouse, West Marine, BurgerFi, Smoothie King, Bento Café, Halal Guys, UFC Gym and a movie theater.

“Our ability to close this significant loan reflects the early leasing success we’ve experienced at Pines Garden, the significant demand for luxury rentals in Pembroke Pines, as well as the strong relationship between Terra and Mack Real Estate Group,” said David Martin, president of Terra. “Our team created a master plan comprising high-end rental homes and lifestyle-centered retail that will service the community’s tenants as well as surrounding residents. The result is a condensed area of development that is introducing a new amenity for Pembroke Pines and maximizing value for the neighborhood.”

Pines Garden at City Center offers one- to three-bedroom garden apartments and two- or three-bedroom townhouses covering 651 to 1,491 SF of living space, as well as private balconies and terraces. Modern-designed residences are equipped with stainless steel appliances and quartz countertops, and protected by hurricane-grade, impact-resistant windows. High ceilings, extra-wide baseboards, custom cabinetry and designer fixtures exhibit an attention to detail usually reserved for custom-built homes. Monthly rents begin at $1,645 for a one-bedroom apartment; $1,795 for a two-bedroom apartment; and $2,256 for a three-bedroom apartment. Two- and three-bedroom townhouses range from $2,475 to $2,845 per month.

Amenities include a two-story Pines Garden Clubhouse, the social center of the neighborhood, which features a state-of-the-art fitness center, children’s playroom and game room, resort-style pool, co-working lounge and coffee bar, outdoor cooking area and other recreational options. There’s a gazebo, a life-size chess board, a dog park, and play spaces that include an enclosed tot-lot area. Gated for privacy and security, Pines Garden offers the beauty and serenity of a nature preserve within walking distance of the urban conveniences of Pines City Center.

The Related Group & Dezer Development Successfully Pays Off $114.7 Million Construction Loan For HYDE Suites & Residences Midtown Miami

The Related Group and Dezer Development have officially announced that they have paid off construction financing for the recently completed Hyde Suites & Residences Midtown Miami. The $114.7 million loan was issued by an affiliate of Mack Real Estate Credit Strategies, a New York lending firm, in February 2016. The property is the partnership’s most recent co-developed project to complete, with Residences by Armani/Casa slated for a 2019 delivery. The 470-unit mixed-use Hyde Midtown, which broke ground in September 2015, is nearly completely sold out. The property’s hotel component, the first in the Midtown neighborhood, is expected to open in this fall (2018).

“The rate of closings, and subsequently our ability to fulfill this loan, speaks to the strength of the Midtown submarket as well as top-tier quality of our product,” said Ben Gerber, Vice President of Finance for The Related Group. 

“We are ecstatic with the delivery of Hyde Midtown,” added Carlos Rosso, President of The Related Group’s Condominium Development Division. “The essence of the Hyde brand paired with David Rockwell’s interiors perfectly represents the neighborhood’s hip, modern aura. It’s incredible to see the energy as future residents come in to sign and are finally able to see their new home.” 

Hyde Midtown features 410 luxury residences and 60 designer suites, with a sleek exterior designed by Arquitectonica. The project boasts a slew of amenities, including an expansive seventh floor pool terrace, private screening theater, game room and upgraded fitness facilities. As a part of the ongoing partnership between Related and famed hospitality group sbe, all Hyde residents will be able to enjoy access to South Beach’s hottest beach club, Hyde Beach at the SLS Hotel South Beach. 

New Interior Images of Stantec's Eve at the District Residential Development in Midtown Miami

Stantec has released new images of their new mixed-use residential development known as Eve at the District. The tower was completed in late 2016 and was named after artist Anna Sweet’s piece of art, “Eve," which is displayed in the building's lobby. Stantec provided the architectural and design services for Mack Real Estate Group, who is the developer of the project. Eve is a 19-story building located at 3635 N.E. 1st Avenue which features 195 luxury residences and 61,500 SF of retail and restaurant space. It serves to connect the Miami neighborhoods of Midtown and the Design District.

“I met Anna Sweet at the popular Spectrum Miami art show in 2014 and immediately knew that Eve was perfect for the District. Our design team was seeking a “wow factor” that would immediately engage and intrigue the guest and set the sensual tone of the space. Eve did that so wonderfully that naming the project after her was obligatory,” says Susan LaFleur, director of hospitality and residential interiors for Stantec’s Miami Office. 

Stantec, a recognized national leader in architecture, design and engineering, is working on other prominent projects throughout Florida, including Luma at Miami Worldcenter; Solitair in Brickell; Pearl at Midtown 29 and Midtown 8 in Midtown Miami; AER in Tampa; Jade Signature in collaboration with Pritzker Prize-winner Herzog & de Meuron; The Ritz-Carlton Residences, Miami Beach in collaboration with Italian designer Piero Lissoni; and Eighty Seven Park in collaboration with Pritzker Prize-winner Renzo Piano.