A company managed by Dev Motwani’s Merrimac Ventures and Hernandez Construction scored a $10.4 million loan for a self-storage and retail project in Fort Lauderdale.
Riverbend Storage Property LLC secured the loan from Centennial Bank for the four-story mixed-use self-storage facility at 2401 West Broward Boulevard. It will feature 110,698 square feet of leasable self-storage space and about 5,168 square feet of total retail on the ground floor.
Riverbend Storage Property LLC purchased the property in March 2019 for $2.5 million, records show. The building is planned to be completed at the end of 2020, according to a listing on LoopNet.
The project is across from a new Super Walmart, as well as Planet Fitness and Marshalls, and is just west of I-95.
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