Grover Corlew, a real estate investment management group focused on acquiring, transforming and managing office, multifamily and retail properties across the southeastern U.S., has refinanced the 355-unit Mayla Pompano multifamily residence for $114.4 million through lender Fannie Mae (FNMA/OTCQB).
“The refinancing of Mayla Pompano serves various strategic purposes,” said Anuj Grover, Partner at Grover Corlew. “Not only are we taking advantage of a favorable financing environment, but this move will also improve cash flow which can be directed toward other investments, including our new and upcoming Mayla properties in Deerfield, Fort Lauderdale and Delray Beach.”
The PNC Financial Services Group, Inc. (NYSE: PNC) was instrumental in both providing the original construction loan and facilitating the refinance with Fannie.
Grover Corlew completed Mayla Pompano earlier this year, the first of its luxury multifamily properties planned under Grover Corlew’s Mayla Residences umbrella.
Mayla Pompano features studio to three-bedroom units, ranging from 548 to 1,383 sq. ft. Highlights include high-end kitchens, spa-like bathrooms, walk-in closets, private balconies, hurricane impact windows, and in-unit washer and dryers. Residents enjoy amenities such as a two-story clubroom, co-working spaces, a TV lounge, a 24/7 fitness center, resort-style pools, outdoor kitchens, bicycle storage, ample parking, and package rooms.
“Mayla Pompano has been a popular choice for prospective South Florida residents looking for a centrally located and lifestyle-rich community to call home,” said Mark Corlew, Partner at Grover Corlew. “Coupled with the renovations of our two office buildings next to Mayla and the retail tenants we will be adding, we are creating a lifestyle-oriented, pedestrian friendly area.”
Located at 11 NE 24th Ave. in Pompano Beach, Mayla Pompano is next to two Grover Corlew owned and managed Class A office buildings at 2335 and 2401 E. Atlantic. These buildings are currently undergoing a $20+ million renovation, which includes exterior and office upgrades, as well as new ground-floor retail and dining options to complement the Mayla Pompano community.
For residential leasing at Mayla Pompano, contact Lindsey Prince at (615) 400-5825 or visit www.livemaylapompano.com. For leasing at 2335 and 2401 E. Atlantic, contact Tom Prakas at (561) 929-0111 for retail or restaurant space, and John Criddle at (561) 283-5176 for office space.
About Grover Corlew
Real estate veterans with a proven track record of more than 100 years of combined industry experience lead Grover Corlew in acquiring, transforming and managing office, multifamily and retail properties across the southeastern U.S., with a focus on Florida. The Grover Corlew team has developed, owned and managed 10,000+ units and more than 10 million sq. ft. of commercial space, taking a personalized approach to investor and tenant relationships, which has attracted corporate headquarters to Grover Corlew signature buildings. The company is actively developing new projects that will continue to help revitalize and stimulate local communities. To find out more about Grover Corlew visit grovercorlew.com.
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