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Broward apartment project scores $40M construction loan

Broward apartment project scores $40M construction loan
Developer plans 168 apartments and 80 townhomes
February 12, 2016 12:45PMBy Sean Stewart-Muniz

A rendering of the upcoming Reserve at Coral Springs multifamily project

Capano Residential, a Delaware-based builder of apartment communities, just signed off on a $39.5 million construction loan and began site work for its newest project in Coral Springs.
M&T Bank issued the financing to Capano, which filed a notice of commencement for construction work with Broward County this week. The notice states that contractor LC Construction Florida will start clearing brush and filling land for about 40 acres where Capano plans to build its community.
Dubbed the Reserve at Coral Springs, Capano’s project entails 80 townhouses and 168 apartments spread among 23 buildings. The developer will also build a 4.67-acre public park at the community’s eastern end, according to a sitemap for the project.
Apartments at the community will come in one-, two- and three-bedroom configurations, while townhouses will either have two or three bedrooms. The complex itself will be gated and private, with amenities including: a resort-style pool, parking garages and surface parking, children’s playground, clubhouse, fitness center and bicycle paths.
The units themselves will have stainless steel appliances, granite countertops, in-unit laundry machines and balconies.
Capano primarily builds apartment communities in its home state of Delaware. Recently, its began working on two projects in Florida: the Reserve at Coral Springs and the Reserve at Vero Beach, both featuring rental apartments and townhomes.

Source: The Real Deal

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