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.
Parks at Davie Secures $67.5M Construction Loan; 383 Apartments Planned Next to Broward College
Quick summary: A joint venture between two South Florida developers has landed a $67.5 million construction loan from Santander Bank to build a 383-unit apartment complex called Parks at Davie on a 21-acre site adjacent to Broward College’s Davie campus. Construction is set to begin later this month and the project is expected to be finished in 2027.
Project and financing at a glance
The loan for Parks at Davie was provided by Santander Bank. Houston-based Marble Capital joined the financing as a preferred equity investor; the amount of Marble Capital’s investment was not disclosed. A capital placement team led by Peter Mekras at the Aztec Group assisted with arranging the loan and equity. A representative for one sponsor declined to comment on the undisclosed equity amount.
Where and what
The development sits on a 21-acre parcel at the northwest corner of Davie Road and Southwest 37th Street, a site surrounded on multiple sides by Broward College’s Davie campus. The developers hold a 99-year ground lease with the college for the property. The plan calls for four five-story residential buildings with a total of 383 apartments, a two-story clubhouse and about 6,200 square feet of ground-floor retail and co-working space.
Housing mix and affordability
The complex will offer studios and one- to three-bedroom apartments with unit sizes ranging from approximately 568 to 1,415 square feet. About 20 percent of the apartments — roughly 77 units — will be priced as workforce housing. The exact targeted area median income level for those workforce units will be set closer to project completion.
Developers and leadership
The project is being developed by a joint venture of 13th Floor Investments, based in Coconut Grove, and JSB Capital Group, based in Miami Beach. 13th Floor is led by Arnaud Karsenty and JSB Capital is led by J. Jay Lobell. Both firms have been active across South Florida with other recent and ongoing projects.
Recent activity by the sponsors
13th Floor recently completed the first phase of a nearby project called Parks at Delray, delivering a 420-unit building known as Savio. The firm also secured an $83 million loan for a 398-unit garden-style project in Hallandale Beach and has partnered on other projects, including a planned condo tower adjacent to a prominent church site in Miami’s Brickell neighborhood.
JSB Capital has expanded its South Florida footprint in recent years. Notable acquisitions include a $69 million purchase of a 197-unit apartment complex in Dania Beach and a $58.5 million purchase of a combined condo-and-yacht-club asset in Palm Beach Shores.
Market context
The Parks at Davie loan comes at a time when South Florida is dealing with a multifamily supply overhang. Developers completed a record of about 18,600 apartments in the region last year, while roughly 15,000 new leases were signed, leaving more units than immediate demand. That imbalance has led to slower lease-up rates, larger concessions and a small drop in median rents — nearly 2 percent year-over-year in February.
Despite the overhang, construction lending in the market has continued. Recent financing examples include a $53.5 million loan for a 250-unit project in Boynton Beach, a $380 million package for a downtown West Palm Beach development, and an $80 million financing for a 400-unit Fort Lauderdale community that includes a significant workforce component. Large condo and mixed-use projects have also secured sizable loans in the region.
Timeline and next steps
The sponsors say they will start construction later this month. Completion is expected in 2027, subject to construction schedules and market conditions. The workforce unit rent targeting will be finalized as the project nears completion and regulatory or financing requirements are clarified.
Why this matters
The Parks at Davie project adds a large rental community close to a college campus and includes a set-aside of workforce housing, which may help meet local housing needs. The deal also underscores that lenders and equity investors are still funding multifamily construction in South Florida despite a recent glut of new inventory, signaling continued confidence from capital sources in certain projects.
Frequently Asked Questions
What is Parks at Davie?
Parks at Davie is a planned 383-unit apartment complex on a 21-acre site next to Broward College’s Davie campus. The development will include four five-story residential buildings, a two-story clubhouse and ground-floor retail and co-working space.
Who is financing the project?
A $67.5 million construction loan is provided by Santander Bank. Marble Capital joined as a preferred equity investor; that equity amount was not publicly disclosed. A capital placement team led by Peter Mekras assisted with the financing.
When will construction start and finish?
Construction is scheduled to start later this month and the project is expected to be completed in 2027.
How many units will be workforce housing?
About 20 percent of the units will be workforce housing, roughly 77 apartments. The exact income targeting for those units will be determined closer to completion.
Who are the developers?
The development is a joint venture between 13th Floor Investments and JSB Capital Group.
Key project features
| Feature | Detail |
|---|---|
| Project name | Parks at Davie |
| Site size | 21 acres |
| Location | Northwest corner of Davie Road and SW 37th Street, adjacent to Broward College |
| Total units | 383 apartments |
| Workforce units | About 77 units (~20%) |
| Building form | Four five-story residential buildings |
| Amenities | Two-story clubhouse; 6,200 sq ft ground-floor retail and co-working |
| Unit sizes | Approximately 568 to 1,415 sq ft; studios to three-bedrooms |
| Construction financing | $67.5 million construction loan from Santander Bank; preferred equity from Marble Capital (amount undisclosed) |
| Ownership | Joint venture: 13th Floor Investments and JSB Capital Group; 99-year ground lease with Broward College |
| Construction timeline | Start later this month; expected completion in 2027 |
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 TX News
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