Grover Corlew lands $114M for 355-unit, Mayla Pompano Apartments in Pompano Beach; PNC facilitated the refinancing through Fannie Mae

12/9/2024

|

MHN

• Subcategory: Capital Markets: Debt, MF: Market Rate

• Tag: Sale

• Additional Filters-Subcategory: Capital Markets: Agency Loan, Capital Markets: Debt-Refinance, MF: Midrise

• Additional Filters-Tags: Sale: Investment, Sale: Single Property

• Company: Fannie Mae, PNC Bank

Grover Corlew has obtained $114.4 million in refinancing for Mayla Pompano, a 355-unit luxury multifamily property in Pompano Beach, Fla., a Fort Lauderdale submarket. Fannie Mae provided the loan, while PNC Financial Services Group facilitated the deal.

The company will use the note to improve cash flow and also direct it towards their upcoming properties in Deerfield, Fla., Fort Lauderdale and Delray Beach, Fla. Previous financing for the Class A community includes a $78.2 million construction loan originated in January 2022 by PNC Bank, according to Yardi Matrix.