Procacci sells entitled multifamily site near Galleria Mall for $25M
Phillip Procacci sold a development site near the Galleria Mall that he long planned to develop, most recently proposing a 259-unit multifamily project. Boca Raton-based Procacci Development, through an affiliate, sold the 2.4-acre vacant lot in Fort Lauderdale to an entity tied to Dallas-based multifamily company Willow Bridge Property Company for $24.7 million, according to records and real estate database Vizzda. The property is at 1040 Bayview Drive, near the Intracoastal Waterway. Willow Bridge’s entity borrowed $14.5 million from Reinsurance Group of America for the purchase. The debt matures in 2029, records show. Procacci had proposed an eight-story building with […]This article originally appeared on The Real Deal. Click here to read the full story.
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