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. According to Anuj Grover, partner at Grover Corlew, the refinancing is part of a broader strategic initiative to strengthen the firm's investment portfolio and maximize long-term growth.
"Not only are we taking advantage of a favorable financing environment, but this move will also improve cash flow,” said Corlew. The capital freed up from the deal “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. was instrumental in both providing the original construction loan and facilitating the refinance with Fannie.
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Grover Corlew completed Mayla Pompano earlier this year, the first of its luxury multifamily properties planned under the developer's Mayla Residences umbrella. The property features studio to three-bedroom units, ranging from 548 to 1,383 square feet. 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.
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.
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