Lotis Group landed a $28.2 million construction loan for a Wellington mixed-use project.
Amerant Bank provided the financing for the commercial portion of The Square & Residences at Lotis Wellington, which will consist of 60,000 square feet of medical offices and 61,400 square feet of retail space, including restaurant outparcels, a press release states.
Sean Harrington with Miami-based Aztec Group arranged the loan on behalf of Boca Raton-based Lotis, led by John Markey, Adam Freedman and James Gielda. The project’s commercial component will also include a daycare and early learning center, as well as a three-level parking garage.
Last year, Harrington also arranged a $44 million BlueFin Financial loan on behalf of Lotis Group that refinanced a previous mortgage and provided funds for site preparation and infrastructure at the Lotis Wellington development site. The 64-acre development site along the west side of State Road 7 will also entail 372 apartments, 100 single-family homes and 72 townhouses.
Preleasing for the multifamily component’s ground-floor retail has begun, and that first phase is scheduled for completion this year, the release states.
The city of Wellington approved the Lotis project’s zoning in 2020. The firm paid roughly $90 million to assemble the land, obtain entitlements and fund preliminary construction costs. Last year, the firm sold 52 acres slated for the 100 single-family homes and 72 townhomes to Lennar. The Miami-based national homebuilder paid $54 million for the property.
Known for its equestrian estates, Wellington is about to get another major development aside from the Lotis project. Mark Bellissimo and his partners’ are planning Wellington North and Wellington South, which will have a combined 156 single-family homes, 47 townhomes, five 4-acre farms, a clubhouse and golf course. The development covers 290 acres.
Bellissimo’s Wellington Equestrian Partners is co-developing Wellington North and Wellington South with Nexus Luxury Collection, a firm whose investor roster includes Tiger Woods, Justin Timberlake and founding eBay president, Jeff Skoll.