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 Loan to Build 383‑Unit Parks at Davie
A joint venture led by 13th Floor Investments and JSB Capital Group has closed a $67.5 million construction loan from Santander Bank to build a 383‑unit apartment complex called Parks at Davie. The site sits on a 21‑acre parcel at the northwest corner of Davie Road and Southwest 37th Street and is largely surrounded by the Broward College Davie campus.
What’s happening now
Construction is set to begin later this month and the project is expected to be finished in 2027. Sponsors hold a 99‑year ground lease on the site with Broward College, as reported by town officials. Houston‑based Marble Capital has joined as a preferred equity investor; the amount of that preferred equity was not disclosed and a representative for 13th Floor declined to comment on the sum.
Project details
Parks at Davie will include four five‑story residential buildings with studios and one‑ to three‑bedroom apartments. Unit sizes will range from about 568 square feet to 1,415 square feet. About 20 percent of the units—roughly 77 apartments—are planned to be offered at workforce rents; the exact targeted area median income (AMI) levels for those units will be set as the project nears completion.
The development will also feature a two‑story clubhouse and roughly 6,200 square feet of ground‑floor retail and co‑working space. A team led by Peter Mekras of the Aztec Group helped assemble the loan and equity packages for the deal.
Who’s behind it
13th Floor Investments is based in Coconut Grove and is led by Arnaud Karsenty. The firm recently finished the first phase of a nearby project that brings hundreds of units to South Florida. JSB Capital Group, led by J. Jay Lobell, is a private equity and alternative investment firm focused on real estate and has been increasing its South Florida footprint in recent years. Recent JSB moves include purchases of apartment and condo assets in the region.
Market context
The Parks at Davie loan closed amid a larger multifamily supply overhang in South Florida. Developers delivered a record roughly 18,600 apartments in the region last year, while about 15,000 new leases were signed, according to market data. That gap led to slower lease‑ups, more concessions, and a modest drop in rents—median rent fell nearly 2 percent year‑over‑year in February, per available reports.
Lenders, however, continued to fund construction despite the overhang. Recent financing examples include a $53.5 million loan for a 250‑unit project in Boynton Beach, a $380 million construction loan for a high‑rise project in West Palm Beach, and other major packages for workforce and market‑rate communities across the region. Forecasts expect demand to catch up to the new supply this year and next as construction starts slow down.
Related activity by the same developers
13th Floor recently completed the first phase of a larger development that includes a 420‑unit building in Delray Beach and is also building a 398‑unit garden‑style project in Hallandale Beach after securing an $83 million construction loan. The firm has another joint‑venture project under development near a waterfront church site in the Brickell area.
Timing and next steps
With ground‑disturbing work set to begin shortly and entitlement items in place, construction will move through vertical framing, amenity build‑out and then interior finishes over the coming years. Full occupancy is targeted for 2027, when the workforce‑rent program will be finalized and unit mix confirmed.
FAQ
What financing closed for Parks at Davie?
The project secured a $67.5 million construction loan from Santander Bank and an undisclosed preferred equity investment from Marble Capital.
How many units and what types will the development include?
Parks at Davie will have 383 units across four five‑story buildings, including studios and one‑ to three‑bedroom apartments ranging from about 568 to 1,415 square feet.
Where is the site located?
The site is on a 21‑acre parcel at the northwest corner of Davie Road and Southwest 37th Street, adjacent to Broward College’s Davie campus.
When will construction start and end?
Work is scheduled to start later this month and the project is expected to be complete in 2027.
Will there be workforce housing?
Yes. Approximately 20 percent of units—about 77 apartments—are planned for workforce rents. Exact AMI targets will be set closer to completion.
Who helped arrange the financing?
A capital team led by Peter Mekras of the Aztec Group advised on the loan and equity placement.
Key Project Features
| Feature | Detail |
|---|---|
| Project name | Parks at Davie |
| Developers | 13th Floor Investments & JSB Capital Group |
| Construction loan | $67.5 million from Santander Bank |
| Preferred equity | Marble Capital (amount undisclosed) |
| Site size | 21 acres |
| Unit count | 383 apartments |
| Workforce units | About 77 units (≈20%) |
| Building makeup | Four five‑story residential buildings; two‑story clubhouse; 6,200 sq ft ground‑floor retail/co‑working |
| Unit sizes | Approximately 568 to 1,415 sq ft; studios to three‑bedrooms |
| Lease | 99‑year ground lease with Broward College |
| Timeline | Construction begins later this month; completion expected in 2027 |
| Capital advisor | Peter Mekras and the Aztec Group team |
For more information about project milestones or financing, the capital advisory team led by Peter Mekras handled placement and can be contacted through their firm.
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 CA News
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