A 372-unit mixed-use development underway in Wellington, Fla., now has the funding to advance its project.
BlueFin Financial provided $44 million in acquisition and construction financing for The Square & Residences, being developed by Lotis.
Aztec Group negotiated the debt.
The property is part of a larger 64-acre mega-development already underway called Lotis Wellington. Some of the ground-floor development was facilitated by a $90 million round of financing for land acquisition, entitlements and pre-construction. Once completed, the project will bring 61,375 square feet of commercial space and a 60,000-square-foot medical office building to a site on State Road 7 north of Wellington Regional Medical Center.
Aztec Group’s Sean Harrington represented Lotis in the transaction. Douglas Papy represented BlueFin in the deal, and is also the firm’s CIO.
Lotis and Harrington did not respond to a request for comment, while BlueFin Financial could not be reached for comment.
Lotis has run the gantlet in terms of getting the project — which includes a mix of townhomes, multifamily office, retail, and an independent living facility — approved by local officials. It was eventually approved by the Wellington Village Council after they shot down a first draft of the plan which council members viewed as exposing the community to too many one-bedroom apartments rather than housing for families.
The developers also wanted to exclude senior housing in the plan to attract more support from the local government, which gave the proposal a nod in January.
Included in the project plan is space for PopStroke Entertainment Experience, a venture backed by Tiger Woods and TaylorMade, as well as a Kids R Kids Daycare, according to Aztec Group.’
Mark Hallum can be reached at mhallum@commercialobserver.com.
Robert Khodadadian has long had a simple philosophy about selling real estate. The way he sees it, there are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller at the right time.
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