Davie, Florida, September 18, 2025
News Summary
Santander Bank provided a $67.5 million construction loan to a joint venture led by 13th Floor Investments and JSB Capital Group to build Parks at Davie, a 383‑unit multifamily community on a 21‑acre site adjacent to Broward College’s Davie campus. Marble Capital joined as a preferred equity partner. The development will include four five‑story residential buildings, a two‑story clubhouse and about 6,200 sq ft of ground‑floor retail/co‑working space. Roughly 20% of units will be held at workforce rents. Construction is slated to start soon with delivery expected in 2027.
Parks at Davie Scores $67.5M Construction Loan; Preferred Equity Added
Developers 13th Floor Investments and JSB Capital Group secured a $67.5 million construction loan from Santander Bank to build Parks at Davie, a 383‑unit apartment community planned on a 21‑acre site near Broward College in Davie, Florida. Preferred equity joined the financing stack from Houston‑based Marble Capital, with the exact amount not disclosed.
Top facts and timeline
The site sits at the northwest corner of Davie Road and Southwest 37th Street and is surrounded by Broward College’s Davie campus. Construction is scheduled to begin later this month and the project is expected to be completed in 2027. The sponsors hold a 99‑year ground lease with Broward College.
Project design and housing mix
Parks at Davie will include four five‑story residential buildings with a total of 383 apartments. The complex will offer studios and one‑ to three‑bedroom units sized between 568 and 1,415 square feet. Amenities will feature a two‑story clubhouse and roughly 6,200 square feet of ground‑floor retail and co‑working space. About 20 percent of the apartments — approximately 77 units — are slated to be offered at workforce rents, with the targeted area median income levels to be decided as the project nears completion.
Financing team and partners
Santander Bank provided the primary construction loan. Marble Capital joined as a preferred equity investor; the sponsors declined to disclose the preferred equity amount. A capital markets team led by Peter Mekras of the Aztec Group assisted with the loan and equity placement.
Developer backgrounds
13th Floor Investments is based in Coconut Grove and is led by Arnaud Karsenti. The firm recently finished the first phase of a nearby project, a 420‑unit building in Delray Beach that is part of a larger master plan. 13th Floor also has other active South Florida developments, including a 398‑unit garden‑style community in Hallandale Beach that was financed with an $83 million loan, and a planned condominium tower adjacent to a waterfront church site in the Brickell neighborhood.
JSB Capital Group, led by J. Jay Lobell, is a private equity and alternative investment firm that has increased its South Florida activity in recent years. Its recent purchases include a 197‑unit apartment complex in Dania Beach and a condo‑and‑yacht club asset in Palm Beach Shores.
Local market context
The Parks at Davie financing comes amid a notable multifamily supply overhang in South Florida. Developers completed a record roughly 18,600 apartments in the region last year while about 15,000 new leases were signed, contributing to slower lease‑ups, more concessions and a modest rent pullback. Median rent in the region fell by nearly 2 percent year‑over‑year in February, according to market reports.
Despite the supply pressure, construction lending has continued to flow. Recent large financings in the region include loans for projects ranging from 250‑unit and 400‑unit apartment communities to high‑rise condo and mixed projects with construction packages in the tens and hundreds of millions of dollars. Forecasts anticipate demand catching up with supply this year and next as new construction starts slow.
Why this matters
Parks at Davie adds a sizeable rental product adjacent to a college campus and includes a dedicated workforce component intended to serve moderate‑income renters. The 99‑year ground lease with Broward College and the combination of construction debt and preferred equity reflect continued investor interest in well‑located multifamily assets even as the regional market absorbs recent deliveries.
FAQ
What is the loan amount and who provided it?
The project received a $67.5 million construction loan from Santander Bank.
Who are the developers and where is the site?
The joint venture is between 13th Floor Investments and JSB Capital Group. The site is on the northwest corner of Davie Road and Southwest 37th Street, surrounded by Broward College’s Davie campus.
How many units and what type will be built?
The development will have 383 units across four five‑story buildings, including studios and one‑ to three‑bedroom apartments sized from 568 to 1,415 square feet.
Is there any affordable or workforce housing?
Yes. About 20 percent of the units, roughly 77 apartments, will be offered at workforce rents. Targeted AMI levels will be set closer to completion.
Who provided additional equity?
Houston‑based Marble Capital joined as a preferred equity investor; the amount was not disclosed.
When will construction start and finish?
Construction is set to begin later this month, with completion expected in 2027.
Key project features
| Feature | Detail |
|---|---|
| Project name | Parks at Davie |
| Developers | 13th Floor Investments & JSB Capital Group |
| Loan | $67.5 million construction loan from Santander Bank |
| Equity | Preferred equity from Marble Capital (amount not disclosed) |
| Site | 21 acres at NW corner of Davie Road & SW 37th Street, adjacent to Broward College |
| Housing | 383 units; studios to three‑bedroom; unit sizes 568–1,415 sq ft |
| Workforce housing | ~77 units (about 20%); AMI target TBD |
| Amenities | Two‑story clubhouse; ~6,200 sq ft ground‑floor retail/co‑working |
| Buildings | Four five‑story residential buildings |
| Lease | 99‑year ground lease with Broward College |
| Construction timeline | Start later this month; completion expected in 2027 |
| Capital advisory | Team led by Peter Mekras of the Aztec Group |
Deeper Dive: News & Info About This Topic
Additional Resources
- Multihousing News: 13th Floor lands South Florida financing
- Wikipedia: 13th Floor Investments
- Commercial Observer: 13th Floor, JSB Capital construction finance
- Google Search: Parks at Davie Santander 13th Floor JSB
- YieldPro: Parks at Davie
- Encyclopedia Britannica: Davie, Florida
- The Real Deal Miami: 13th Floor, JSB nab $68M Davie rentals construction loan
- Google News: Parks at Davie
- Community Newspapers Broward: Ocean Bank provides $54M construction loan
- Google Scholar: construction loan multifamily South Florida
Author: Construction NY News
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