Resia, a subsidiary of Brazilian homebuilder MVR, has secured financing for its latest project in South Florida. The all-in-one developer will serve as the general contractor for Resia Golden Glades, a 420-unit apartment complex with 84 units designated as workforce housing. According to reports from the S. Florida Business Journal, Regions Bank has provided a $71 million construction loan for the development.
Located on a 7.11-acre property at the northeast corner of Northwest Sixth Avenue and Northwest 159th Street near Interstate 95, Resia Golden Glades will consist of four five-story buildings and feature amenities such as a clubhouse, fitness center and pool. Additionally, there will be ample parking with an attached garage offering over 700 spaces.
The land was acquired by Resia in early-2021 for $12 million before breaking ground on this highly anticipated project. In March of this year, they also signed an agreement with fintech firm Inter&Co (Nasdaq: INTR) to raise funds for their various developments.
Regions Bank’s decision to provide funding marks their first significant apartment construction loan awarded in South Florida since financing another Hollywood-based project back in late-2022.
