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.
13th Floor Investments and JSB Capital Secure $67.5M Construction Loan for Parks at Davie
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 project on a 21‑acre site adjacent to Broward College’s Davie campus. Marble Capital joined as a preferred equity partner; the amount of that preferred equity was not disclosed.
Key project facts and timeline
The development site sits on the northwest corner of Davie Road and Southwest 37th Street and is surrounded by the college campus. The sponsors hold a 99‑year ground lease with Broward College. Construction is scheduled to begin later this month, and delivery is expected in 2027.
What the development will include
Parks at Davie will feature four five‑story residential buildings containing 383 apartments. Unit mixes will include studios and one‑ to three‑bedroom apartments, with floorplans ranging from about 568 square feet to 1,415 square feet. Approximately 20 percent of the units, roughly 77 apartments, will be held at workforce rents; the precise targeted area median income (AMI) bands for those units will be finalized closer to completion.
Onsite amenities will include a two‑story clubhouse and roughly 6,200 square feet of ground‑floor retail space that can be used for retail and co‑working. A financing team led by Peter Mekras of the Aztec Group assisted in assembling the construction loan and preferred equity. A representative for 13th Floor declined to comment on the preferred equity amount.
Developers and recent activity
13th Floor Investments is based in Coconut Grove and is led by Arnaud Karsenti. The firm recently completed the first phase of Parks at Delray, a 420‑unit building called Savio, which is part of a larger development planned for 693 apartments and 54 townhouses. 13th Floor is also building a 398‑unit garden‑style development in Hallandale Beach after securing an $83 million loan, and is engaged in a Brickell condo project in partnership with a local church.
JSB Capital Group is based in Miami Beach and led by J. Jay Lobell. The private equity and alternative investment firm has stepped up its South Florida activity in recent years, including purchases and developments of suburban and waterfront properties across the region.
Market context and financing environment
The Parks at Davie financing comes at a time when South Florida faces a multifamily supply imbalance. Developers completed a record 18,600 apartments in the region last year while about 15,000 new leases were signed, contributing to slower lease‑ups, growing concessions and a modest year‑over‑year decline in median rents. One market report showed a near 2 percent drop in median rent for February year‑over‑year.
Despite that overhang, construction lending has continued to flow in South Florida. Recent examples of large financings include a $53.5 million loan for a 250‑unit project in Boynton Beach, a $380 million construction loan for a high‑rise mixed project in West Palm Beach, an $80 million package for a 400‑unit community in Fort Lauderdale, and larger condo and mixed‑use financings reaching into the hundreds of millions. Observers expect demand to better align with supply over the coming year or two as starts slow.
Why this financing matters
The Santander loan and Marble Capital’s preferred equity illustrate that lenders and equity investors are still willing to back sizable multifamily developments in South Florida, even with recent oversupply. Parks at Davie adds workforce‑priced units to the local inventory and positions new rental product immediately adjacent to a college campus, which can support steady demand from students, staff and nearby tenants over time.
FAQ
What is the total construction loan amount and who is the lender?
The construction loan totals $67.5 million and is provided by Santander Bank.
Who are the developers and equity partners?
The project is developed by a joint venture between 13th Floor Investments and JSB Capital Group. Marble Capital joined as a preferred equity investor; that investment amount was not disclosed.
Where is Parks at Davie located and when will construction occur?
Parks at Davie is on the northwest corner of Davie Road and Southwest 37th Street, surrounded by Broward College’s Davie campus. Construction is slated to start later this month with completion anticipated in 2027.
How many apartments and what types will the project include?
The development will contain 383 apartments across four five‑story buildings. Units will range from studios to three‑bedroom layouts, sized between about 568 and 1,415 square feet.
Is any of the housing reserved as workforce housing?
Yes. About 20 percent of units, roughly 77 apartments, are planned for workforce rents, with exact AMI targets to be set closer to completion.
Project at-a-glance
| Feature | Detail |
|---|---|
| Project name | Parks at Davie |
| Loan amount | $67.5 million (Santander Bank) |
| Preferred equity | Marble Capital (amount not disclosed) |
| Site size | 21 acres |
| Unit count | 383 apartments |
| Workforce units | About 77 units (≈20%) |
| Building type | Four five‑story residential buildings; two‑story clubhouse; 6,200 sq ft ground‑floor retail/co‑working |
| Unit sizes | 568 to 1,415 sq ft (studios to three‑bedrooms) |
| Location | Northwest corner of Davie Road & SW 37th Street; adjacent to Broward College Davie campus |
| Timeline | Construction begins later this month; completion expected in 2027 |
| Lease | 99‑year ground lease with Broward College |
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 FL News
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