Merrimac Ventures is a Real Estate investment and development firm located in Fort Lauderdale, FL. Its primary focus is on prime resort and mixed-use development but also has extensive investments in multi-family residential, condominiums, retail and office. Read More
Partners in Merrimac Ventures are currently involved in over $3 billion in projects, including Miami Worldcenter, the Four Seasons Hotel and Private Residences Fort Lauderdale, The Gale Boutique Hotel and Residences, Paramount Fort Lauderdale Beach, Broadstone Oceanside in Pompano Beach and the Flagler Village Hotel, among others.
Started in the late 70’s by the late Ramesh “Bob” Motwani and his wife Ramola Motwani, the firm initially began as an import/export business in St. Charles, MO. In the mid-1980’s, Merrimac Ventures expanded into the hotel business by purchasing hotels along Fort Lauderdale’s famed A1A strip. With the elimination of Spring Break in the late 80’s, most hotel owners in the area either suffered foreclosure or were forced to leave; however, Bob and Ramola continued to acquire properties with a common vision of redeveloping and transforming the Fort Lauderdale Beach into a world-class resort destination, a vision also shared by the local community and government at the time.
Unfortunately, Bob Motwani passed away in 1994, however, Ramola has continued to pursue that shared vision with a tireless determination. Under her guidance, Merrimac Ventures has continued to expand its footprint throughout the US and India.
In 2004, Ramola brought in her eldest son Nitin Motwani, who was working with Goldman Sachs at the time, to help expand the business and oversee the day-to-day operations. In 2006, her younger son Dev Motwani left his job with Credit Suisse to work with Merrimac Ventures, while Nitin focused full-time on the firm’s Miami WorldCenter project. Today, Ramola serves as Chairwoman of the firm and is responsible for setting its long-term goals and vision. Dev is President and CEO of the company and responsible for the day-to-day operations and oversight of the investments in which the firm acts as the principal. Nitin acts as a principal of the firm and is the managing partner for Miami WorldCenter.
Chieftain Residential, affiliate of Merrimac Ventures, closes on $38.7mm SFR loan arranged by Ackman-Ziff
MIAMI, Oct. 29, 2018 /PRNewswire/ -- The Miami office of Ackman-Ziff has arranged $38.7M in capital for Chieftain Residential,…