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.

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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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