CC Residential secures $ 30 million loan for apartments in Cooper City
CC Residential secured a $ 30.8 million construction loan to begin construction of a rental community for “active adults” Cooper city.
CC Residential, run by longtime South Florida developers Armando Codina and James carr, plans to build the 175-unit development on Monterra Boulevard in central Broward County. The group obtained the loan from PNC Bank.
The project, Monterra Active Adult Residences, is aimed at adults aged 55 and over who want to be close to their children and grandchildren.
“We are starting to see a strong demand for people in this demographic who are looking to have social interactions,” said Andy Burnham, President and CEO of CC Residential.
The project will be a mix of one and two bedroom units ranging from 760 square feet to 1,450 square feet. It will feature a 20,000 square foot clubhouse with club rooms, a fitness center, outdoor yoga, game room, arts room and zero entry saltwater pool, according to CC Residential.
The lease will begin in October and will be completed in the first quarter of 2022, the company said. The general contractor is CC Residential Construction.
Other CC Residential projects include Doral 4200, a luxury building with 250 apartments in Doral; and Signature at Doral, a 352-unit garden-style apartment complex in Doral.