Ramon Rodriguez and Eddy Arriola
South Florida-based leading community bank Apollo Bank has hit $1 billion in assets amidst the bank’s strongest growth year to-date. In the past ten years the bank has grown from $100 million to $1 billion. Apollo Bank focused on investing in technology and talent, appointed a new president and grew its residential lending division.
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KAR Properties, led by Shahab Karmely, have closed on a $128 million condo inventory loan for the recently completed 2000 Ocean in Hallandale Beach. Madison Capital Realty provided the loan which will be used to pay off a $103 million construction loan issued by Apollo Commercial Real Estate Finance in 2018.
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Royal Palm Companies, led by Dan Kodsi, has locked down a $340 million construction loan from Silverstein Capital Partners for the sold-out Legacy Hotel & Residences in Miami Worldcenter in Downtown Miami. The loan represents the third largest construction loan in Florida history.
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The developers of One Thousand Museum by Zaha Hadid Architects have paid off a $90 million inventory loan following a successful Miami Art Week 2021 which saw two units sell for a combined $30 million. A local buyer from Miami purchased a full-floor unit and a foreign buyer purchased a sky townhouse unit.
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Following the demolition of the Safra National Bank building in Aventura, site work is now underway on 3050 Aventura. The new office building will serve as the headquarters for Safra National Bank of which an affiliate, 3050 Aventura Owner LLC, is developing the project.
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Lissette Calderon’s Neology Life has locked down a $78,197,393 construction loan for The Julia, a 323 unit apartment building with ground-floor retail space in Miami’s Allapattah neighborhood. The loan was provided by Trez Capital, a private real estate lender helping to build better communities across North America.
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Fort Lauderdale-based Affiliated Development has started construction on the highly anticipated mixed-income workforce housing project, The Grand. The Grand was capitalized by a $53 million first mortgage from Bank United and an investment from Affiliated Housing Impact Fund, LP and a private family office.
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National investment, development, and asset management firm PMG, alongside partner Greybrook Realty Partners, has secured a $142.3 million construction loan for the 10-story Society Wynwood mixed-use project located at 2431 NW 2nd Ave. in Miami’s Wynwood Arts District.
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Icon Realty Capital, led by Anthony Shafer, has locked down a $25.16 million construction loan for Icon of Palm Beach Shores, an approved condo building coming to the north side of the Palm Beach inlet. The financing was arranged by the Washington-based Construction Loan Services II.
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Coconut Grove, FL-based Terra has locked down a $43.74 million in senior mortgage financing, provided by Thorofare Capital, Inc., an affiliate of alternative investment manager Thorofare LLC. The loan was issued to 16000 Pines Retail Investments, LLC, an entity managed by 16000 Pines Market.
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