Stiles and PGIM secure $ 64 million loan for multi-family plantation
Stiles Corp. and PGIM Real Estate purchased a Plantation multi-family development site for $ 5.4 million and secured a $ 64.2 million project construction loan.
Records show that Stiles and PGIM, through their joint venture subsidiary PR III / Stiles Midtown Broward Apartments Owner, purchased 5.4 acres next to the synagogue’s Kol Ami Emanu-El temple. They got the funding from Wells Fargo.
Fort Lauderdale-based Stiles, led by Ken Stiles, and Newark, New Jersey-based PGIM are developing the 315 Plantation Midtown Apartments at 1301-1303 Southwest 80th Terrace. Construction is scheduled to begin this month and is expected to be completed by 2023, according to Stiles.
The mid-rise development will feature a resort-style swimming pool, state-of-the-art gym, dog park and grooming, and resident lounges.
Records from the Plantation City show that the site was approved for multi-family development in February 2019.
Stiles, founded in 1951 by Howard Stiles as a residential entrepreneur, transformed into commercial real estate under the leadership of his son, Terry Stiles. The late Terry Stiles stepped down as CEO in 2017, and his son, Ken Stiles, took over.
Stiles is a partner of Fort Lauderdale’s 1.4 million square foot downtown The Main Las Olas, which includes a 25-story Class A office tower and the city’s first GreenWise Market by Publix Super Markets. Pre-rental is underway at 27 floors, 341 units Novo Las Olas apartment tower which is also part of the project.
Stiles is also developing a Publix anchor mall in the small Golf Village of Palm Beach County, having purchased the site last year for $ 7 million.
PGIM, the real estate investment and financing business of Prudential Financial, led by Eric Adler, is a partner of a cold storage company Hialeah which, in November, recorded a $ 67 million ready for construction.
Plantation has been somewhat active on the investment sales front, as RK Centers, run by Miami Heat minority owner Raanan Katz, purchased a Best Buy for $ 12 million in January. Also in the same month, a personal injury law firm purchased an office building for $ 7.5 million.