G
rover Corlew has secured a $114.4 million refinancing deal for its newly completed Mayla Pompano apartment complex in Pompano Beach, marking another significant loan transaction in South Florida despite rising interest rates. The PNC Financial Services Group provided the new debt, which not only refinanced a $78.2 million construction loan from 2022 but also increased the total financing package by $36.2 million.

    Developed by Grover Corlew principals Mark Corlew and Anuj Grover, Mayla Pompano features two eight-story buildings with studios, one- to three-bedroom apartments, and two garages. The property offers a range of units from 548 square feet to 1,383 square feet, with monthly rents between $2,115 and $4,500.

    Grover Corlew is a prominent developer and property manager in South Florida, boasting over 10,000 units and more than 10 million square feet across its portfolio. The company has been actively involved in the region's real estate market, including a planned 360-unit apartment complex in Deerfield Beach.

    The refinancing deal for Mayla Pompano is part of an ongoing trend of construction loans and refinancing deals in South Florida. Recent transactions include a $96 million refinancing for the Northbridge Centre office tower in West Palm Beach and a $307 million construction loan for the Rosewood Residences condo in Hillsboro Beach.