Krea USA Lands $61.8M Abanca Loan for Lauderhill Rentals

Miami-based Krea USA has secured a $61.8 million construction loan from Spanish bank Abanca for Le Parc at Lauderhill, a 385-unit rental project at 3831 Northwest 13th Street in Broward County. The financing backs three eight-story buildings on 10 acres, with a nonprofit-run day care on the ground floor and no other commercial space.

Why it matters

A foreign regional bank writing an eight-figure construction check for a Broward rental deal is a data point on where multifamily debt is actually clearing right now, not just where borrowers wish it would. Abanca is a Spain-based lender with a limited US construction-lending footprint, and its willingness to fund a 385-unit ground-up project signals that new-build multifamily debt in South Florida has not seized up the way some borrowers describe, it has just gotten pickier about sponsor track record and rent structure. Krea USA also bought out its original partner, Bayshore Capital Grove, and dropped the workforce-housing rental restrictions the project carried when it was first pitched in 2020, while keeping the $9.1 million, 10-year tax abatement the City of Lauderhill approved in 2022. That combination, market-rate flexibility plus a locked-in incentive, is the kind of structure lenders are rewarding with capital.

The numbers

The loan totals $61.8 million. Construction started in March and is expected to finish in 2027. Rents are targeted at 100 to 120 percent of area median income, and units skew below the luxury towers dominating Broward headlines. At $61.8 million across 385 units, the deal pencils to roughly $160,500 of construction debt per unit, a basis that lets other Broward multifamily sponsors gauge their own deal against what a lender was willing to underwrite here.

What’s next

With debt now in place and vertical construction already underway, the next marker is delivery in 2027 and whether Krea USA can lease up 385 units at its targeted AMI band without discounting against the wave of market-rate supply also hitting Broward. Krea USA director of real estate Akrisht Pandey confirmed the rental-restriction change and the surviving tax abatement, a signal the sponsor is betting the incentive alone justifies the workforce-adjacent rent band even without the original restrictions attached.