TM Real Estate Lands $54M to Finish Multifamily Project in Plantation – Commercial Observer
TM Real Estate Group nabbed $53.85 million to start the second phase of its multifamily project in Plantation, Fla., which once housed the offices of American Express, property records show.
The loan from Truist Bank will go toward building 240 units and 11,000 square feet for retail. The project, known as Shalimar Midtown, is at 777 American Expressway, just west of North University Drive.
The first phase, which also features 240 apartments and 11,000 square feet, got underway in September 2021 after TM Real Estate secured a $44 million construction loan. The discrepancy between the two loan amounts is likely a reflection of construction costs hikes due to pandemic-related supply chain issues.
The Miami-based developer paid $33 million for the 25-acre site in 2014. It once held an American Express office building, which TM Real Estate demolished.
The company had planned to add 94 townhouses to the Shalimar development. But earlier this year, it sold a 6.7-acre parcel for $6.9 million to PulteGroup, one of the largest home builders in the country, which will take over the development of the townhouses, according to The Real Deal.
A representative for TM Real Estate did not immediately respond to a request for comment.
Julia Echikson can be reached at [email protected].
