A longtime customer at First American Bank, this Miami real estate developer—a specialist in luxury single-family homes and commercial properties—needed financing for a major undertaking. The project—a 66-unit apartment and townhome complex in Biscayne Gardens—involved an estimated $15.2M in construction costs.
First American Bank provided an interest-only floating rate loan of $10.3M (68% LTC) over a 24-month term, along with an extension option.
A deep relationship with our bank, flexible financing, and favorable terms allowed this borrower to bring the sizable, ultra-premium project to life. By keeping all their banking initiatives at First American Bank, the investment group has found a trusted partner for their financing needs, big and small.
See their recent feature in the South Florida Business Journal.
Backing Business: Construction Financing for Luxury Residential Complex
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