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Krea USA secures $61.8M construction loan for 385-unit Lauderhill project
The Le Parc at Lauderhill development is slated for three eight-story buildings on a 10-acre site, with rents targeted at 100% to 120% of the area median income.
Krea USA has secured a $61.8 million construction loan for a multifamily project in Lauderhill, Florida, according to Commercial Observer and local property records. The financing, provided by Abanca Bank, will support the 385-unit Le Parc at Lauderhill at 3831 Northwest 13th Street, near Lauderhill Mall and North State Road 7.
The roughly 10-acre development will include three eight-story buildings. Construction began in March and is expected to be completed next year, with a day care operated by a nonprofit and no other commercial space planned on the ground floor.
The project, which was originally pitched in 2020, has changed since its early workforce housing concept. Krea USA bought out partner Bayshore Capital Grove’s stake, and the rentals will have no restrictions, though a city-approved tax abatement of $9.1 million over 10 years remains in place, the outlet reported.
Commercial Observer also said Krea USA plans to build a public road as part of the project. The developer expects rents to range between 100% and 120% of the area’s median income, and the firm is led by founder and CEO Mauricio Girault.