Metropica mixed-use project gets huge financial boost
The developers of the $1.5 billion Metropica mixed-use project in Sunrise secured another big financial commitment as construction moves forward.
Metropica Holdings, headed by Joseph Kavana of KGH International Development, secured a $22 million loan from BRBB LLC, a subsidiary of Aventura-based Nuverse Advisors. This will fund the second phase of infrastructure work on the retail portion of the project. It hasn’t gone vertical yet, as full build out of the 4 million-square-foot project is at least five years away.
Metropica will have eight condominium towers plus retail and office.
This follows a $38 million loan that Metropica received in November from a different lender and a $5 million loan from another bank.
“Working with BRBB LLC been a great experience,” explains, Michel Besso, Director of KGH International Development “Through the success of our partnership, we are thrilled construction is well underway and are excited to deliver a project that will enhance the lifestyle of residents and consumers in the western Broward corridor.”
Located at 1800 NW 136th Ave., Metropica is slated for 1,250 residential units, a hotel, 485,000 square feet of retail and 650,000 square feet of office. The first residential building is the 263-unit YOO at Metropica condominium, which has already broken ground and should be ready in 2017.
Among the announced tenants for the property are upscale movie theater iPic, Shake Shack, Brazilian steakhouse Fogo de Chão, Kona Grill, Salsa Fiesta, Pisco y Nasca, Oil and Vinegar, Anthropologie, Free People and Kings Bowl.
The developer recently awarded the leasing assignment on the office portion of Metropica to Avison Young’s Keith O’Donnell, Michael Fay, and Donna Abood.