NEW YORK, NY – CanAm Enterprises is pleased to announce that its private equity affiliate, CanAm Capital Partners (CACP), closed on its latest real estate investment on May 25 2021. The $21 million mezzanine loan, along with a $50.6 million senior construction loan provided by Bank OZK, will be utilized to finance Merrimac Ventures’ $90 million development located at 1711 N. University Drive in Plantation, Florida. The 306-unit apartment project is expected to break ground right away and deliver units in 2023. Demolition of the existing hotel, which the Merrimac owned and operated since 2005, was completed earlier this year.
CanAm Enterprises is a leading full-service financial firm providing immigration-linked EB-5 investment funds as well as conventional financing to qualifying developments. The $21 million capital investment for this project was reinvested from the company’s $350 million loan to Florida East Coast Industries’ Brightline rail project. The original loan was a key financing piece in the development of the high-speed passenger rail system in Florida. The redeployed capital will remain invested to meet program requirements for investors impacted by immigration backlogs, while at the same time targeting investment opportunities that have the potential to generate attractive returns for clients.
“We are pleased to partner with the Motwanis on this quality project which they intend to hold long term. Their success in securing entitlements in this jurisdiction and navigating a challenging cost environment speaks to their capabilities and bodes well for the project,” said John Reid, Director of Project Development at CACP. “This closing marks our fifth investment from our investment mandate to redeploy $220 million of capital in Florida. We anticipate announcing additional closings from this pool in the coming months.”
Fort Lauderdale-based Merrimac Ventures is an established real estate firm that focuses on value-add investment and development opportunities. The company, headed by brothers Dev and Nitin Motwani, specializes in resort and mixed-use developments, and has extensive investments in multi-family residential, condominiums, retail and office. Past and current projects include Miami Worldcenter, the Four Seasons Hotel and Private Residences Fort Lauderdale, Paramount Fort Lauderdale Beach, Broadstone Oceanside in Pompano Beach, and the Flagler Village Hotel, among others.