Greysta rsecures $40.95M loan for apartment construction in Fort Lauderdale

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Wells Fargo Bank has provided a $40.95 million construction to Greystar for the construction of an apartment complex in Fort Lauderdale, reports South Florida Business Journal.

GS Subsidiary, an affiliate of the Houston-based apartment developer, paid $9.84 million for the 3.6-acre site at 1600, 1640 and 1700 East Sunrise Blvd.

Fort Lauderdale-based Stiles Corp. is the general contractor in the deal.

The project is slated for 261 units and construction should start in 30 to 45 days, said Gary Crane, senior managing director for Greystar in South Florida.

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