Stanton Pender, whose principal is Saul Levy, acquired the land before this funding. The land is located at the southeast corner of Northeast 26th Ave. and Northeast 16th St., just north of Sunrise Boulevard.
Two homes needed to be demolished on that land to make room for the approximately $3.5 million, three-story project. Construction is expected to start in the second quarter.
"This project is typical of the changing land use in eastern in-fill locations throughout South Florida," Rex said in a statement. "The borrower chose an excellent site in a highly desirable location.
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