A company managed by Dev Motwani’s Merrimac Ventures and Hernandez Construction scored a $10.4 million loan for a self-storage and retail project in Fort Lauderdale.
Riverbend Storage Property LLC secured the loan from Centennial Bank for the four-story mixed-use self-storage facility at 2401 West Broward Boulevard. It will feature 110,698 square feet of leasable self-storage space and about 5,168 square feet of total retail on the ground floor.
Riverbend Storage Property LLC purchased the property in March 2019 for $2.5 million, records show. The building is planned to be completed at the end of 2020, according to a listing on LoopNet.
The project is across from a new Super Walmart, as well as Planet Fitness and Marshalls, and is just west of I-95.
Partners in Fort Lauderdale-based Merrimac Ventures are involved in over $3 billion of projects, including the Four Seasons Hotel and Private Residences Fort Lauderdale, The Gale Boutique Hotel and Residences, Paramount Fort Lauderdale Beach, Broadstone Oceanside in Pompano Beach and the Flagler Village Hotel, according to its website.
In April 2019, Motwani won city approval to build a 34-story, 246-unit apartment building in Fort Lauderdale that will target older tenants.
Centennial Bank is a regional bank based in Conway, Arkansas, that has become one of the more active construction lenders in South Florida. The bank is a lender to developer Moishe Mana, who is seeking to redevelop downtown Miami’s historic Flagler Street area.