Daily Business Review – Regional, Community Banks Combine on $76M Miami Condo Loan
A large construction loan secured by a mixed-use development appears to be a coup for regional and community bankers selected to finance the condo tower in Miami's Brickell financial district. The win for the local financiers is significant given the lending environment for large construction loans has been dominated in the current cycle by national banks, institutional lenders and hedge funds.
Developers Key International Inc. and 13th Floor Investments LLC said last week that they closed on a $76 million syndicated construction loan from Alabama-based Regions Bank, which is bringing Coral Gables-based Mercantil Commercebank and Miami's City National Bank of Florida along as junior lending partners. The money amounts to 35 percent and 40 percent of the value projected in the future 1010 Brickell tower, a 387-unit condo being built at 1025 SE First Ave. in Miami.