Pompano Beach, Florida – In what appears to be a significant financial move, real estate company Grover Corlew has effectively obtained a $114.4 million refinancing package for its premium multifamily building, Mayla Pompano, located in the Pompano Beach submarket. PNC Financial Services Group and Fannie Mae helped to fund this strategic move towards increased investment in high-end residential projects.
Representing Grover Corlew’s first attempt under the Mayla Residences brand, Mayla Pompano boasts 355 luxury apartments dispersed throughout two eight-story buildings. Early this year, these properties were put on the market and provide the Fort Lauderdale area a smart housing option. With floor plans ranging from 548 to 1,383 square feet, the property offers one-, two-, and three-bedroom configurations. To meet a rising demand for luxury living quarters in the area, each apartment features high-end finishes, private balconies or patios, and roomy walk-in closets.
The community’s nearly 4-acre site offers a variety of facilities meant to give its occupants a convenient and pleasant way of living. Among these are a TV lounge, modern fitness center, two-story clubroom, coworking space perfect for remote workers, and several swimming pools. To guarantee a whole living experience, the property also has lifestyle-oriented elements including bike storage, outdoor kitchens, a yoga class, a coffee bar, and even a pet spa.
Situated strategically at 11 NE 24th Ave., the complex is only a stone’s throw from the Pompano Beach Airpark and several restaurants. Both commuters and leisure seekers will find it appealing since it is also conveniently located nine miles from Fort Lauderdale’s downtown.
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The choice to refinance through Fannie Mae emphasizes the continuous inclination of property owners for consistent and significant financial support in the competitive real estate market. As of the most recent statistics, Fannie Mae is a major participant in the market having supported over 21 percent of all outstanding home mortgage debt.
Originally, Mayla Pompano received financing from a $78.2 million PNC Bank development loan starting in January 2022. Apart from enhancing Grover Corlew’s cash flow, the new refinancing distributes funds towards further forthcoming developments at Deerfield, Fort Lauderdale, and Delray Beach. This financing increase is expected to enable more developments and improve Grover Corlew’s portfolio in the luxury real estate market, therefore offering new growth opportunities in the fast-changing Florida metropolitan scene.
